Warren Buffett will step down as Berkshire Hathaway CEO

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Legendary investor Warren Buffett announced today that he will ask the Berkshire Hathaway board to have Greg Abel replace him as CEO at the end of 2025.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said at the end of the company’s annual shareholder meeting, ahead of its board meeting Sunday.

At the same time, Buffett, who is 94 years old, said that he would “hang around” in some capacity. He and Abel told CNBC that they would use Sunday’s board meeting to discuss what Buffett’s formal role will be after he steps down.

Buffett had previously identified Abel — currently Berkshire Hathaway’s vice chairman for non-insurance operations — as his successor, but he hadn’t said when Abel would take over.

While technology is just one of many areas where Buffett and Berkshire Hathaway invest, it’s made big bets on the industry. Even after selling half its Apple stock last year, the company represents more than 20% of its portfolio.