Buffett Announces "Curtain Call": Still Works Five Days a Week, to Step Down as CEO at Year-End

"Going forward, I will no longer be writing Berkshire's annual reports, nor will I be giving lengthy speeches at the Annual Shareholders Meeting. As the British say, I'm going quiet," Buffett stated in the shareholder letter. He announced that Berkshire Hathaway Vice Chairman Greg Abel will take over at the year-end, and Buffett will cease writing the annual Berkshire letter. However, Buffett intends to maintain the tradition of the Thanksgiving letter to shareholders, stating he "will continue to talk about Berkshire with everyone and my children through the annual Thanksgiving letter."

On May 5 local time, Berkshire issued a press release stating that the Board of Directors voted on May 4 to appoint Abel as CEO effective January 1, 2026. Buffett will continue to serve as Chairman of the Board.

In the released letter, Buffett once again affirmed Abel's capabilities. He praised Abel as "an outstanding manager, a tireless worker, and an honest communicator. May his tenure be long."

"Greg's performance has exceeded the expectations I held when I first considered him as Berkshire's next CEO. His knowledge of our many operations and people far surpasses my own, and he quickly grasps issues that many CEOs never even consider. Whether you're speaking of a CEO, a management consultant, an academic, or a government official, I can think of no one better suited than Greg to manage your savings and mine," Buffett wrote.

In the letter, Buffett offered clear admonition for future leaders: "What often troubles immensely wealthy CEOs is seeing other CEOs become even wealthier," Buffett wrote. "Envy shadows greed."

Buffett emphasized that, with luck, Berkshire might need only five or six CEOs over the next century, adding, "We must particularly avoid those fixated on retiring at 65, those solely intent on becoming conspicuous billionaires, or those wishing to found family dynasties."