Updated on: May 3, 2025 / 4:07 PM EDT / CBS News
Warren Buffett surprised shareholders by announcing his plan to step down as CEO of Berkshire Hathaway at the end of the year.
Buffett revealed that he intends to recommend Greg Abel as his successor to the board.
At the annual shareholders meeting, Buffett endorsed Abel for the CEO position, stating that the "time has arrived" for Abel to take on the role.
Buffett expressed his willingness to support Abel in his new role, while two other managers will oversee the company's stock portfolio.
Greg Abel, an energy executive and Buffett's long-time associate, was destined to succeed Buffett as CEO. Abel, originally from Alberta, Canada, joined Berkshire in 2000 and has played a pivotal role in the company's growth.
Abel's leadership transformed MidAmerican into Berkshire Hathaway Energy, a major player in the renewable energy sector, contributing significantly to Berkshire's revenue.
As vice chairman of Berkshire Hathaway, Abel is known for his hands-on approach and business acumen. While Buffett remains confident in Abel's abilities, the challenge lies in maintaining Berkshire's legacy of success.
Abel's experience and reputation within Berkshire have earned him praise from both managers and investors. However, stepping into Buffett's shoes poses a formidable task for the incoming CEO.
Abel's proximity to Buffett in Omaha reflects their shared dedication to the company's success, as Abel prepares to lead Berkshire Hathaway into a new era.
The Associated Press and Kate Gibson contributed to this report.
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