Berkshire Hathaway

Warren Buffett will step down as CEO at year end 2025, with Greg Abel taking the role on January 1, 2026. Abel has overseen non-insurance operations for years and is widely regarded as a capable operator aligned with Berkshire’s culture. Ajit Jain continues to lead insurance.

Buffett will remain as chairman and major shareholder, helping ensure cultural continuity. The succession plan is long signaled and orderly, yet we prudently discount the score for the loss of Buffett’s day-to-day capital allocation judgment and for questions around BHE’s wildfire legacy.

On balance, Berkshire remains one of the best-aligned and most shareholder-friendly stewardship teams in global markets.