Berkshire Hathaway’s board of directors has formally approved Greg Abel as the company’s next chief executive officer, marking a long-anticipated transition endorsed by Warren Buffett himself.
The decision, finalized at Sunday’s board meeting, was reported by the Associated Press and sets the stage for Abel to take over at the end of 2026, as Buffett steps down after more than six decades at the helm.
Abel, 62, has long been viewed as Buffett’s successor. Currently serving as vice-chairman, he oversees Berkshire’s non-insurance operations – including BNSF Railway and Berkshire Hathaway Energy – and is widely associated with the company.
As CEO, Abel will now steer the $900 billion conglomerate through global uncertainty, including ongoing tariff tensions under US President Donald Trump and scrutiny over the viability of Berkshire’s expansive conglomerate model.
A Canadian native born in Edmonton, Alberta, Abel comes from modest beginnings and built his career through stints at PricewaterhouseCoopers, CalEnergy, and MidAmerican Energy, which Berkshire acquired in 1999. He became CEO of MidAmerican in 2008 and has since played a key role in managing some of the conglomerate’s largest subsidiaries.
Meanwhile, Buffett, now 94, will remain as chairman of the board, a move intended to ensure continuity and maintain investor confidence. While he had previously suggested his son Howard might eventually become chairman, the board has chosen to retain Buffett in the role for the time being.
Under Buffett, Berkshire has evolved from a failing textile mill into one of the most successful and admired corporations in the world, with holdings in Dairy Queen, See’s Candies, BNSF Railway, and major insurance operations. The firm has delivered an average annual return of 19.9 per cent – nearly double the S&P 500’s 10.4 per cent.
At the company’s annual meeting in Omaha which drew nearly 40,000 attendees, Buffett took the crowd by surprise by announcing his plans to retire by year end. He reaffirmed his confidence in Abel saying, “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
While Abel’s investment track record remains largely untested – with Buffett historically dominating that aspect of Berkshire’s strategy – he is expected to take on those responsibilities moving forward, supported by vice chairman Ajit Jain on the insurance side.
Tributes to Buffett’s legacy poured in over the weekend. “There’s never been someone like Warren,” wrote Apple CEO Tim Cook, while JPMorgan CEO Jamie Dimon praised Buffett for his “integrity, optimism and common sense” in shaping modern American capitalism.
