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Warren Buffett, 94, will step down as CEO of Berkshire Hathaway at the end of the year, handing the reins to Greg Abel on January 1, 2026. Buffett, CEO for 55 years, will remain chairman. Abel, currently vice chair of non-insurance operations, was unanimously approved by the board. He's known for a hands-on management style and a focus on energy, having previously led Berkshire Hathaway Energy. Abel plans to maintain Berkshire Hathaway's investment philosophy and strong balance sheet.

Prepared by Christopher Adams and reviewed by editorial team.