Legendary investor Warren Buffett has announced that he will step down as the Chief Executive Officer of Berkshire Hathaway by the end of 2025, marking the end of an era for one of the most influential figures in global finance. In a heartfelt farewell letter to shareholders dated November 10, Buffett confirmed that Greg Abel, currently Vice Chairman for Non-Insurance Business Operations, will succeed him as CEO.
Buffett bids farewell to shareholders
In his final annual letter, the 95-year-old billionaire said, “I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet.’ Sort of.” Buffett’s decision, though long anticipated, signals the conclusion of over six decades of leadership that transformed Berkshire Hathaway from a struggling textile manufacturer into a global conglomerate worth hundreds of billions of dollars.
Buffett’s farewell message carried a reflective tone, blending gratitude, humility, and optimism for the future of Berkshire. He reminisced about his early life in Omaha, his near-death experience in 1938, and his enduring partnership with Charlie Munger, who he described as his “big protective brother.”
Generous donations to family foundations
Continuing his lifelong commitment to philanthropy, Buffett revealed that he had allocated a significant portion of his Berkshire shares to charitable causes. He donated 1,500,000 shares to The Susan Thompson Buffett Foundation, and 400,000 shares each to The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation.
These contributions are part of Buffett’s long-standing pledge to give away over 99% of his wealth to philanthropic efforts, particularly those related to education, poverty alleviation, and women’s rights.
Reflections on life and family
Buffett’s farewell letter also reflected on his family life and the principles that have guided him. Writing about his three children—Howard Graham Buffett, Peter Buffett, and Susan Alice Buffett—he said, “I assured that my children do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share. They simply need to improve somewhat upon what is generally achieved.”
He expressed deep gratitude to Omaha, his lifelong home, saying, “Looking back, I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The centre of the United States was a very good place to be born, to raise a family, and to build a business.”
Greg Abel to take over
In naming Greg Abel as his successor, Buffett expressed complete confidence in his leadership. “Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO,” Buffett wrote. Praising Abel’s management acumen and integrity, he added, “Greg is a fast learner, and his temperament fits Berkshire perfectly. The company will be in very good hands.”
Abel, 62, has been with Berkshire Hathaway for over two decades and oversees the company’s vast non-insurance operations, including energy, railroads, and manufacturing businesses. His appointment signals continuity and stability for a company valued at over $860 billion.
Continuing his ties with Berkshire
Though stepping down as CEO, Buffett clarified that he would not completely sever ties with Berkshire Hathaway. He intends to continue sharing occasional notes and Thanksgiving messages with shareholders, maintaining his symbolic presence as the “Oracle of Omaha.”
“I’m happy to say I feel better about the second half of my life than the first,” Buffett wrote in conclusion. “My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them.”
As Warren Buffett prepares to close this extraordinary chapter, the world of business and investing bids farewell to a man whose vision, ethics, and humility have shaped generations of entrepreneurs. Under Greg Abel’s leadership, Berkshire Hathaway now enters a new era, grounded in the same principles that made Buffett a legend.