Warren Buffett, the legendary investor and long-time captain of Berkshire Hathaway’s ship, just dropped another bombshell. He plans to retire as the company’s chief executive officer. Effective January 1, 2026, Greg Abel will succeed Buffett as president and CEO of conglomerate Berkshire Hathaway. He is now serving on the board as the company’s vice chairman. Although he will no longer play a day-to-day role in operations, Buffett will still be chairman of the board.
At 94 years old though, it’s clear that Buffett is starting to experience the physical toll of aging. He sometimes loses his balance and has a hard time remembering names. He has said that these changes have made him feel it’s time to turn over leadership responsibilities.
Buffett reflected on his age, stating, “I didn’t really start getting old, for some strange reason, until I was about 90.” He is glad that even while he is experiencing some physical effects, his mental sharpness is still there for making futurist investment decisions. “I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared. … That really isn’t a function of age,” he added.
Berkshire Hathaway’s board voted unanimously to approve the CEO transition, signaling confidence in Abel’s leadership. Abel has been an incredibly important part of the company and has had a powerful impact on its overall direction and operations. Under Buffett’s guidance over the past six decades, Berkshire Hathaway has transformed from a struggling New England textile mill into a diversified conglomerate with interests in various sectors, including insurance with Geico and transportation through BNSF Railway.
The company’s market capitalization has skyrocketed to almost $1.2 trillion, with shares within spitting distance of their all-time highs. Buffett’s legacy With such tenure as CEO, characterized by immense growth and proven investment success, Buffett has undoubtedly cemented his legacy both within the business world and beyond.