Warren Buffett at 94 will continue as Berkshire Hathaway chairman after becoming CEO by year-end while Vice-Chairman Greg Abel at 62 will take over as CEO in 2026 according to the board announcement on Sunday. The board members at Berkshire’s Omaha meeting passed this decision to calm investors who worried about tariffs and economic recession. The pre-market price of Class B shares experienced a 3% decline on Monday.
Through his endorsement of Abel Warren Buffett expressed his support for the leader of non-insurance businesses at Berkshire Hathaway. Buffett declared that Berkshire Hathaway will thrive better under Greg’s leadership while he maintained his promise to keep his $170 billion stake. The $348 billion cash reserves at Berkshire remain untouched because Abel cannot make investment decisions as the new CEO.
The speculation about Howard Buffett taking the chairman position was incorrect because Warren Buffett stated his son would lead his trust after his death. Apple CEO Tim Cook and JPMorgan CEO Jamie Dimon paid tribute to Buffett’s enduring legacy. The combination of Abel’s reserved leadership style with Buffett’s oversight ensures Berkshire’s diverse business portfolio including Geico and Dairy Queen will continue unchanged despite economic uncertainty.
