Warren Buffett to ask board to make Greg Abel CEO of Berkshire Hathaway at year-end

OMAHA, Nebraska — An end of an era was announced in Omaha Saturday as Warren Buffett said he will soon ask the board of Berkshire Hathaway to have Greg Abel replace him as CEO at year end.

While Buffett is 94 and Abel was designated as CEO successor in 2021, it nonetheless came as surprise to the thousands of admiring shareholders gathered for this year’s annual meeting to once again hear the investing legend opine on the future of the company.

“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end,” said Buffett, in the final few minutes of the meeting.

Buffett noted he would still ‘hang around’ to help, but the final word on company operations would be with Abel, 62, currently the vice chairman of non-insurance operations for Berkshire.

“I could be helpful, I believe, in that in certain respects, if we ran into periods of great opportunity or anything,” he added, at the annual meeting celebrating 60 years of him at the helm of Berkshire.

Buffett is the largest shareholder of Berkshire and he said he wouldn’t sell a single share of the stock after he transitions to this new phase.

“I would add this, 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,” said Buffett, who used a cane to walk around the meeting, but answered questions for four hours with surprising energy and clarity for his age.

Buffett and Abel told CNBC’s Becky Quick after the shareholder meeting that the pair would discuss at the Sunday board meeting what Buffett’s role will be formally next year. Buffett is currently also chairman of the conglomerate.