05:03 AM EDT, 05/05/2025 (MT Newswires) -- Berkshire Hathaway ( BRK/A ) (BRK.A, BRK.B) Chairman and Chief Executive Warren Buffett said Saturday he is stepping down from the holding he has led for 60 years.

He will be succeeded by Vice Chairman Greg Abel at the end of 2025.

"The time has arrived where Greg should become the chief executive officer of the company at year-end," Buffet, 94 years old, said during the company's annual meeting. "I would still hang around and conceivably be useful in a few cases. But the final word would be what Greg said."

Buffett said he had not told either Abel or any non-family members of the board of his decision before Saturday's announcement.