Billionaire Warren Buffett will remain chairman of Berkshire Hathaway 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 amid tariff shocks, financial turmoil and a possible 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 by the end of the year.
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AP Business writer Bernard Condon is in New York City. AP Business Writer Michelle Chapman contributed to this report from New York City.