In an announcement that caught many by surprise, Warren Buffett—one of the most revered figures in the investing world—revealed that he will recommend Greg Abel to take over as the Chief Executive Officer of Berkshire Hathaway by the end of this year. The declaration came during the final minutes of the company’s annual shareholder meeting held in Omaha, Nebraska, an event that attracts thousands of fans, investors, and financial professionals from around the world.

Despite being 94 years old, Buffett has continued to lead Berkshire Hathaway with an enduring sharpness and charm. However, the legendary investor stated that it’s time for a formal transition of leadership. "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," Buffett said. "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."

Meet Greg Abel: The Chosen Successor to an Investing Icon

Greg Abel, 62, was first named as Buffett’s eventual successor back in 2021, when he was appointed Vice Chairman of Berkshire’s non-insurance operations. A soft-spoken yet highly respected leader within the company, Abel has spent years learning under Buffett’s mentorship. His extensive experience managing Berkshire’s sprawling empire of businesses makes him a natural fit for the top role.

Though the announcement wasn’t entirely unexpected given Abel’s previous designation, the timing of the transition sparked intrigue. Buffett has maintained a hands-on role despite his age, often reassuring investors that he and Berkshire Vice Chairman Charlie Munger (who passed away in late 2023) were still deeply involved in company decisions.

Buffett’s Role Isn’t Over—But the Reins Are Changing Hands

Even as he prepares to hand over the CEO title, Buffett made it clear he’s not going far. “I’ll hang around to help,” he told the audience, adding that Abel will have the final say on all key matters. The formal details of Buffett’s continuing involvement will be ironed out during the Sunday board meeting, he and Abel confirmed in a conversation with CNBC’s Becky Quick following the shareholder event.

Buffett currently holds both the roles of Chairman and CEO of Berkshire Hathaway, so part of the upcoming board meeting will likely include discussions about splitting those roles or redefining Buffett’s responsibilities going forward.

‘Better Than Me’: Buffett’s Faith in Berkshire’s Future Under Abel

Perhaps the most telling moment of the meeting came when Buffett shared his confidence in Abel’s ability to lead. "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," Buffett said. “I wouldn’t sell a single share.”

Those words carry weight, especially coming from a man known for his long-term vision and steady-handed stewardship of one of the most admired companies in the world. Buffett’s endorsement isn’t just personal—it’s financial. His continued faith in Berkshire’s future under Abel is a powerful signal to shareholders, analysts, and markets alike.

An End of an Era—But Not the End of the Story

Buffett’s announcement marks the close of a historic chapter, but it also sets the stage for a new one. As Berkshire Hathaway prepares to enter its post-Buffett era, the investment community will be watching closely to see how Abel carries the torch forward. While the shoes he’s filling are monumental, Abel has already earned the trust of Buffett, and now, the spotlight is his.

The baton is being passed, not in haste, but with care, confidence, and clarity, a move that ensures Buffett’s legacy will not just be remembered, but continued.