Warren Buffett and Greg Abel walkthrough the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.
David A. Grogen | CNBC
Berkshire Hathaway formally separated the roles of chairman and chief executive officer, a long-anticipated move that paves the way for Greg Abel to succeed Warren Buffett as CEO at the beginning of 2026.
In a new regulatory filing, the Omaha-based conglomerate said its board voted on Sept. 30 to amend its bylaws to distinguish the two top roles, effective immediately. Buffett, who has run Berkshire since 1965, will remain chairman of the board, while Abel, currently vice chairman for non-insurance operations, will take over as CEO on Jan. 1, 2026.
The move was first announced by the 95-year-old Buffett at the end of Berkshire’s annual shareholder meeting in May, which took many by surprise. Shortly after the initial announcement, Berkshire’s board unanimously approved Abel’s appointment.
Buffett, even at his advanced age, has likely stayed active at the conglomerate. Just earlier this week, Berkshire announced it is acquiring OxyChem, the chemical arm of Occidental Petroleum, in a roughly $9.7 billion all-cash transaction. It marks Berkshire’s biggest deal in three years.
Abel, 63, has been seen as Buffett’s heir apparent since Charlie Munger, Berkshire’s late vice chairman, publicly identified him as the chosen successor in 2021. He joined the Berkshire orbit when Berkshire acquired a controlling interest in MidAmerican Energy in 1999, and he later became CEO of the energy firm.
Since 2018, Abel has served as Berkshire’s vice chairman for non-insurance operations, overseeing railroad, utilities, energy, manufacturing and retail businesses.