Warren Buffett will remain chairman at Berkshire Hathaway after retiring as CEO
FILE-Warren Buffet participates in a discussion during the White House Summit on the United State Of Women June 14, 2016 in Washington, D.C. (Photo by Alex Wong/Getty Images)
Warren Buffett will remain chairman of the board at Berkshire Hathaway after announcing over the weekend that he’s stepping down as the company’s CEO at the end of 2025.
Who is replacing Warren Buffett as CEO?
Dig deeper:
Berkshire Hathaway executive Greg Abel, 62, was named the new CEO and will begin his new role in 2026. The board of directors approved Abel, who was tapped by Buffett to replace him.
Warren Buffett to retire as CEO of Berkshire Hathaway
Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year. He also took the time to call out President Trump as it relates to the ongoing tariff war. Buffett saying that the U.S. shouldn't use "trade as a weapon" and anger the world like President Trump has with his tariffs.
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Abel will now manage oversight of the insurance businesses and responsibility for investing the company’s cash. The Associated Press reported that Abel has managed all of Berkshire Hathaway’s non-insurance businesses since 2018.
Who is Warren Buffett?
The backstory:
Warren Buffett, in his 60 years as CEO, transformed a Massachusetts textile organization into a massive conglomerate that owns everything from Daily Queen and See’s Candies to BNSF Railway and massive insurance companies.
Buffett’s reputation grew as Berkshire Hathaway rose to prominence through the years. The billionaire has routinely made decisions about how to distribute his wealth, which is worth close to $170 billion, to others by giving shares to the Gates Foundation and four family foundations operated by his children.
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According to the Associated Press, the Gates Foundation has received the largest donations worth over $40 billion since he started giving away his money in 2006.
Last year, Buffett said his three children will decide how to distribute his remaining fortune after his death but that the Gates Foundation won’t get any more donations at that point.
The Source: Information for this story was provided by the Associated Press, which offers background on Warren Buffett and on the company’s new CEO. This story was reported from Washington, D.C.