Warren Buffett surprised shareholders at Berkshire Hathaway’s annual meeting—often referred to as the “Woodstock for Capitalists”—by announcing he will step down as CEO at the end of the year. The 94-year-old investment legend said he plans to recommend that Greg Abel, his longtime top deputy, take over as CEO.
“The time has arrived,” Buffett told the crowd, adding that while he may still offer input occasionally, the final decisions on operations, capital, and appointments would rest with Abel.
Two other investment managers will assume responsibility for Berkshire’s stock portfolio. 
Who Is Greg Abel?
Buffett had already hinted back in 2021 that Greg Abel would be his successor. Abel, a veteran energy executive, currently oversees all of Berkshire Hathaway’s non-insurance businesses.
Born in Alberta, Canada, Abel was profiled by Fortune in 2016. A former amateur hockey player and avid golfer, he joined Berkshire in 2000 when the company acquired MidAmerican Energy, a small Iowa utility with just $122 million in sales at the time. Abel served as CEO of MidAmerican and later transformed it into Berkshire Hathaway Energy, now the largest producer of wind energy in the U.S. Today, the utility arm generates billions in revenue annually.
In 2018, Abel was named vice chairman of Berkshire Hathaway. Though not as public-facing as Buffett, he is known for his hands-on management style and strong business instincts. According to Steven Check of Check Capital Management, that might be a positive shift. “I think we’ll get a more hands-on manager—and that could be a good thing,” he told the Associated Press. However, Abel also respects the autonomy of Berkshire’s many business managers and is unlikely to interfere unnecessarily.
Despite his strong reputation, Abel won’t have the same level of influence as Buffett, who owns about 30% of the company’s stock. Nevertheless, Buffett has long praised Abel’s leadership and strategic thinking.
Interestingly, although Abel lived just blocks away from Buffett in Omaha during the 1990s, the two never met until years later.
