The Omaha-based investment figure who has spent more than half a century in the trenches of the sector, announced at the weekend that he is stepping down at the end of this year. Warren Buffett is drawing the curtain on one of the most remarkable financial sector careers in history.

US investment luminary Warren Buffett, who chaired Berkshire Hathaway’s 60th annual meeting in Nebraska on 2 May, has announced that he intends to stand down at the end of 2025. He will be handing over the CEO slot to vice-chairman Greg Abel.

In a career stretching back to the 1950s and one that has made him one of the most renowned investors in history, and an exemplar of what is called value investing, Buffett’s actions and comments – such as his annual letter to investors – are closely followed. His close colleague, Charlie Munger, passed away in 2023.

Today, Berkshire Hathaway, which is an investment conglomerate with $1.16 trillion in assets, is one of the most important managers of assets in the world.

Buffett, who is 94, reportedly told shareholders at the annual meeting in Omaha, Nebraska: "I think the time has arrived where Greg [Abel] should become the chief executive officer of the company at year-end. And I want to spring that on the directors, effectively, and give that as my recommendation."

Abel, who oversees the company's operating businesses, had been identified as Buffett's successor in 2021.

Media reports quoted Buffett as saying that he has no plans to sell any of his shares of Berkshire Hathaway as part of this transition. Buffett has served as CEO of Berkshire Hathaway since 1970. The company takes its name from the textile mill Buffett's investment partnership acquired in 1965.

Since Buffett's takeover of Berkshire, per-share value of the company has compounded at a 19.9 per cent rate, almost double the 10.4 per cent average annual gain of the S&P 500, and resulted in a 5,502,284 per cent return: $10,000 invested in Berkshire in 1965 is now worth over $500 million (source: BBC, others). 

His formula appears to have been successful so far in 2025 – a reassuring sign for clients when broader stock indices fell, particularly after President Donald Trump announced sweeping tariffs on 2 April. In 2025, Berkshire rose 17 per cent from the start of January, versus a 3 per cent drop in the S&P 500 Index over the same period.

(Editor’s note: at a time when we in the wealth management media talk sometimes about the values of “patient capital,” long-term thinking, avoidance of behavioural mistakes and the like, Buffett has generally exemplified such qualities. He’s not infallible – and it will be a tall order for others to repeat his success. Even so, I am sure that private bankers, advisors and family offices will study his career for years to come. His impact on investment has been immense, on a par with that of John Maynard Keynes or Milton Friedman on economics.)