Daily SumUp

The Berkshire Hathaway  board voted unanimously on Sunday to make Greg Abel president and CEO on Jan. 1, 2026, and for Warren Buffett, 94, to remain as chairman, the company said.

Buffett shocked Berkshire shareholders and Abel by announcing in the final minutes of the company’s annual shareholder meeting Saturday that he would be asking the board to replace him as CEO at year-end with the current vice chairman of noninsurance operations for Berkshire.

Buffett, who is both chairman and CEO, did not make it clear at the time whether this would mean he would relinquish the chairman title as well, although he did say he would be hanging around to help where he could. Buffett did make clear that the final word on company operations and capital deployment would be with Abel, 62, when this transition takes place.

However, with Buffett staying as chairman, shareholders may be comforted that the “Oracle of Omaha” will remain to help Abel with any big acquisition opportunities that may arise in possible volatile markets ahead as the conglomerate Buffett took over in 1965 sits on more than $347 billion in cash.