Berkshire Hathaway Board Votes: Warren Buffett To Remain Chairman, Greg Abel To Become CEO Starting 2026: Report

Berkshire Hathaway’s (BRK) board of directors reportedly voted on Sunday in favor of Warren Buffett remaining as the company’s chairman and Greg Abel becoming the president and CEO beginning Jan. 1, 2026, after the Oracle of Omaha shocked the world by announcing on Saturday that he is stepping down as CEO. Abel has been the CEO designate since 2021.

According to a report by CNBC, the Berkshire board’s vote was unanimous, clearing the air on Buffett’s role at the company.

Buffett, 94, announced on Saturday that he would ask the board to replace him as the company’s CEO at the end of 2025. However, he did not make it clear if he would also step down as Berkshire’s chairman.

However, Buffett clarified that he would be available to help the company wherever needed.

Buffett’s decision to step down has put pressure on Berkshire’s stock, which was down more than 2% during pre-market trading on Monday.

Buffett has been Berkshire’s CEO since 1965 and was pivotal in driving the company into the insurance sector. By 1985, under his leadership, Berkshire had exited its original business of textile mill operations—Buffett famously called it the company’s worst trade.

Berkshire now has nearly $347 billion in cash, and its market capitalization stood at $1.164 trillion at the end of Friday's trading. According to Companiesmarketcap data, it was the eighth most valuable company in the world by market capitalization.

Berkshire’s stock has gained more than 19% year-to-date, beating the SPDR S&P 500 ETF Trust (SPY), which has declined 3.30% in this period.

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Also See: Warren Buffett Says Apple CEO Tim Cook Has Made Berkshire Hathaway 'A Lot More Money Than I've Ever'