Berkshire Hathaway, Inc. (NYSE:BRK) (NYSE:BRK) has officially split the positions of chairman and CEO, a long-expected change that sets Greg Abel up to succeed Warren Buffett as CEO starting in 2026.
Succession
In an SEC filing, the Omaha, Nebraska-based conglomerate revealed that its board voted on Sept. 30 to revise its bylaws. As a result, the company will separate its two highest roles, effective immediately, according to CNBC.
Buffett, who has led Berkshire since 1965, will continue as board chairman, while Abel, currently vice chairman overseeing non-insurance operations, will assume the CEO role on Jan. 1, 2026.
The decision was first disclosed by the 95-year-old Buffett during Berkshire’s annual shareholder gathering in May, catching many off guard.
Soon after, Berkshire’s board unanimously confirmed Abel’s appointment as Buffett’s successor.
Despite his age, Buffett has remained highly active. Earlier this week, Berkshire revealed plans to acquire OxyChem, the chemical division of Occidental Petroleum Corp. (NYSE:OXY), for about $9.7 billion in cash—its most significant acquisition in three years.
The Next CEO
Abel, 63, has long been seen as Buffett’s successor since the late Charlie Munger publicly identified him in 2021.
He entered Berkshire’s sphere when the company purchased a majority stake in MidAmerican Energy in 1999, where he eventually became CEO of that utility.
Since 2018, Abel has served as vice chairman for non-insurance operations, overseeing subsidiaries that span railroads, utilities, energy, manufacturing, and retail.
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