Warren Buffett Steps Down as CEO at 95, Cementing $160 Billion Legacy at Berkshire Hathaway
On August 30, 2025, Warren Edward Buffett turned 95—not with a gala, but with a quiet confirmation that would shake Wall Street: he’s stepping down as CEO of Berkshire Hathaway Inc. at year’s end. After six decades at the helm of the Omaha-based conglomerate, the man who turned a failing textile mill into a $1 trillion powerhouse is handing over the reins to Greg Abel, his 62-year-old protégé and head of non-insurance operations. Buffett won’t disappear—he’ll stay on as Chairman, still showing up at the office every morning, still writing letters to shareholders, still tap dancing to the office. But the era of Buffett as CEO is over. And with it, the end of an investing legend.
The Omaha Miracle: From Textiles to Trillions
When Buffett took control of Berkshire Hathaway in 1965, it was worth $22 million—a sleepy textile company with no future. Today, it’s a $1 trillion behemoth, according to Business Insider’s late 2024 report. Its Class A shares have surged 5,500,000% since then, delivering nearly 20% annualized returns, dwarfing the S&P 500’s 39,000% gain over the same period. That’s not luck. That’s discipline. Buffett never chased trends. He bought businesses, not stocks. He held them. He let them compound.
Under his watch, Berkshire Hathaway swallowed Precision Castparts for $37 billion in 2015. He built a $36 billion stake in Apple Inc. between 2016 and 2018—watching it balloon to over $170 billion before trimming it back. He bought Alleghany Corporation for $12 billion, bringing Squishmallows into the fold. He acquired Pilot Flying J for more than $11 billion, and BNSF Railway for $44 billion, turning railroads into the backbone of his empire. Even his energy arm, Berkshire Hathaway Energy, now powers millions of homes.
The Succession: Why Greg Abel?
Buffett didn’t pick Abel because he was the obvious choice. He picked him because he was the right one. Abel, a quiet, methodical Canadian-born executive, has run Berkshire’s non-insurance businesses since 2018. He doesn’t give interviews. He doesn’t seek the spotlight. He just delivers. When Buffett stepped back after the death of longtime partner Charlie Munger in November 2023, Abel quietly filled the void.
"He doesn’t need to be the center of attention," Buffett told shareholders at the May 2025 meeting in Omaha. "He just needs to make the right decisions—and he does." Abel’s leadership style mirrors Buffett’s: long-term thinking, zero ego, no stock-based compensation, no overpaying for acquisitions. The board didn’t need a circus. They needed continuity.
The Philosophy: What Made Buffett Different
Buffett didn’t win by predicting the future. He won by refusing to be fooled by it.
During the pandemic, he sold all Berkshire’s airline stocks—not because he hated flying, but because he saw the risk. He trimmed Apple, Bank of America, and Goldman Sachs positions not out of fear, but because valuations had gotten greedy. Yet he held onto Coca-Cola and American Express—businesses with unshakable moats. His rule? Buy companies you’d be happy to own even if the market shut down for ten years.
He never issued stock to buy other companies. He never paid executives with options. He kept Berkshire’s share count up only 40% since 1965. He didn’t need to dilute ownership to grow—he grew through earnings. And he never stopped learning. At 95, he still reads five newspapers a day. He still calls CEOs. He still writes his annual letters in longhand.
The Giving Pledge: A Fortune Built to Give Away
Buffett’s wealth isn’t his. Not really. He pledged over 99% of it to charity through The Giving Pledge, a movement he co-founded with Bill Gates in 2010. By 2025, he’d given away more than $45 billion—mostly to the Bill & Melinda Gates Foundation. His fortune, now estimated at $150–160 billion by Forbes, will be gone within a generation. That’s not humility. That’s strategy. He believed money should work for society, not sit in a vault.
What Comes Next
Abel takes over January 1, 2026. But the real test begins after that. Can the market accept a CEO who doesn’t have Buffett’s name on his business card? Will investors still flock to Omaha for the annual meeting? Will Berkshire’s culture survive without its founder as its face?
Buffett says yes. "I’m not retiring," he told the crowd in May. "I’m just changing titles." He’ll still be in his corner office, still reviewing quarterly reports, still making calls. He’ll be the company’s conscience. Abel will be its engine.
And Omaha? It’s still the heart of it all. The same house. The same desk. The same $1.5 million salary. The same Coca-Cola he’s drunk since he was 10.
Legacy: More Than a Number
Warren Buffett’s legacy isn’t his net worth. It’s the proof that patience, integrity, and simplicity can outlast hype, leverage, and speculation. He didn’t need to be the loudest voice in the room. He just needed to be the most consistent.
His story isn’t about how to get rich. It’s about how to stay true.
Frequently Asked Questions
Who is Greg Abel, and why was he chosen as Buffett’s successor?
Greg Abel is the 62-year-old head of Berkshire Hathaway’s non-insurance operations since 2018 and a 30-year veteran of the company. Buffett chose him for his quiet competence, long-term focus, and lack of ego—traits that mirror his own. Abel doesn’t seek media attention, avoids stock-based pay, and has consistently delivered strong results without taking unnecessary risks. His background in energy and infrastructure aligns with Berkshire’s core businesses, making him the natural steward of Buffett’s philosophy.
How did Berkshire Hathaway grow from a textile company to a $1 trillion empire?
Buffett didn’t build Berkshire by buying stocks—he bought entire businesses. He acquired insurance companies like GEICO to generate low-cost capital, then used that cash to purchase railroads, energy firms, and manufacturers. His strategy: buy companies with durable competitive advantages, hold them forever, and let earnings compound. By 2024, Berkshire’s annual after-tax operating earnings hit $45 billion, and its market cap surpassed $1 trillion, fueled by holdings in Apple, BNSF Railway, and Berkshire Hathaway Energy.
What’s the significance of Buffett’s 5,500,000% stock return?
That return—on Berkshire’s Class A shares from 1964 to 2024—means $1,000 invested in 1964 would be worth $55 million today. It’s the greatest long-term return in modern investing history, far outpacing the S&P 500’s 39,000% gain. This wasn’t due to market timing, but to disciplined compounding: reinvesting earnings, avoiding debt, and holding quality businesses through cycles. It’s a textbook case of patience winning over speculation.
Why did Buffett sell his airline stocks during the pandemic?
Buffett sold Berkshire’s $4 billion airline positions in 2020 not because he thought flying was dead, but because he saw the industry’s structural risks—high debt, volatile demand, and low barriers to entry. He famously said, "I don’t bet against the future," but he also doesn’t bet on industries that can’t maintain pricing power. The move was consistent with his principle: take profits when the odds shift, even if you love the business.
Will Berkshire Hathaway remain successful without Buffett as CEO?
Yes—but not because of a formula. Berkshire’s success stems from its culture: decentralized management, long-term thinking, and capital allocation discipline. Abel has already been running most of the business for years. The real question isn’t whether Abel can lead—it’s whether investors will still trust the brand without Buffett’s voice. The annual shareholder meeting in Omaha, which draws 40,000+ people, will be the first real test.
How much of Buffett’s fortune will go to charity?
Buffett has pledged over 99% of his wealth to philanthropy through The Giving Pledge. As of 2025, he’s donated more than $45 billion, primarily to the Bill & Melinda Gates Foundation. He plans to give away nearly all of his remaining $150–160 billion before he dies, making him the most generous billionaire in history relative to his net worth. His philosophy: "Money is a tool. It’s meant to be used for good."