Billionaire Warren Buffett will remain with Berkshire Hathaway BRK-B-N as chairman of the board when vice chairman Greg Abel takes over as CEO to begin 2026.
The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about Berkshire’s remarkable winning streak as the U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.
The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year.
Berkshire Class B shares fell almost 6 per cent at the opening bell Monday after hitting an all-time high on Friday.
Macrae Sykes, portfolio manager at Gabelli Funds, praised the transparent way Buffett announced the transition at the meeting and believes …