Warren Buffett to stay on as Berkshire chairman as Greg Abel prepares to become CEO in 2026

Billionaire investor Warren Buffett will remain chairman of Berkshire Hathaway even after Vice Chairman Greg Abel assumes the role of CEO at the start of 2026.
The board of directors at the cash-rich conglomerate voted Sunday to retain the 94-year-old as chairman, offering reassurance to investors concerned about Berkshire’s stability amid economic uncertainty, including tariff impacts, financial market volatility, and rising recession risks, as per news agency AP.
The board also formally approved Abel, 62, as Buffett’s successor. Buffett made a surprise announcement Saturday that he would step down from the CEO position by year-end.
Shares of Berkshire Hathaway dropped more than 2% ahead of Monday’s market open.
Buffett, who took over a struggling Massachusetts textile firm six decades ago, transformed it into a sprawling conglomerate with holdings in companies like Dairy Queen, See’s Candies, BNSF Railway, and major insurance firms. Under his leadership, Berkshire Hathaway’s stock has outperformed the broader market, delivering an average annual return of 19.9% compared to the S&P 500’s 10.4%.
The board’s decision to keep Buffett as chairman comes amid speculation that his son, Howard Buffett, might be tapped for that role. Warren Buffett has previously stated that he wants Howard to take over as chairman after his death.
Greg Abel, currently a vice chairman, will officially become CEO as the company faces significant strategic questions. Buffett has openly criticized former President Donald Trump’s trade tariffs and acknowledged concerns about whether Berkshire can maintain its current structure without being pressured to break up.
Another major issue is the company’s massive cash reserve, which now totals $348 billion.
Buffett told attendees at Berkshire’s annual meeting in Omaha that opportunities for investment are currently scarce—even in the company’s own stock—but said that won't always be the case. “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 have no intention — zero — of selling one share of Berkshire Hathaway.I will give it away eventually.”
Abel, a reserved Canadian known for his passion for hockey, has long overseen Berkshire’s non-insurance businesses but has not been responsible for investment decisions regarding the firm’s large cash pile.
Buffett’s personal fortune, nearing $170 billion, will ultimately be handled by his three children, including Howard, who Buffett has indicated could take over as chairman. In June, Buffett named Howard and his siblings as managers of his trust after his death. Howard Buffett, 70, runs his own philanthropic foundation and has donated billions to causes such as food security and humanitarian aid, including support for coffee farmers in El Salvador and landmine removal in Ukraine.
Buffett has already donated tens of billions, including over $40 billion to the Gates Foundation, created by Bill and Melinda French Gates.
Tributes poured in over the weekend, honoring Buffett’s legendary investment acumen and leadership style.
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Apple CEO Tim Cook posted on X. “It’s been one of the great privileges of my life to know him.”
JPMorgan CEO Jamie Dimon called Buffett a symbol of American capitalism at its best, noting, “everything that is good about American capitalism and America itself,” and praised his “integrity, optimism and common sense.”