preCharge News BUSINESS — Warren Buffett, the iconic investor known as the “Oracle of Omaha,” announced Saturday that he will formally recommend Greg Abel as his successor as CEO of Berkshire Hathaway at the company’s board meeting on Sunday. The transition, set to take place by year’s end, marks the end of an extraordinary era that began in 1965 when Buffett transformed a struggling textile mill into one of the world’s most powerful conglomerates.

“The time has arrived,” Buffett said at the annual shareholder meeting in Omaha, Nebraska. “Greg should become the chief executive officer of the company at year end.”

The decision, though expected since Abel was named heir apparent in 2021, stunned many among the 40,000 attendees. Buffett, 94, has long remained a symbol of stability in markets often rocked by turbulence.

📈 From Textile Mill to Trillion-Dollar Titan

Buffett’s legacy is etched into every fiber of Berkshire. From its humble beginnings, he built a behemoth that spans insurance (Geico), transportation (BNSF Railway), utilities, retail, and beyond. This year, Berkshire Hathaway reached a market capitalization of nearly $1.2 trillion—an all-time high.

“I’m not disappearing,” Buffett quipped. “I’ll still hang around to help if needed.”

Still holding over $160 billion in Berkshire stock, Buffett said he has no plans to sell a single share. His confidence in Abel is not only personal—it’s financial.

“I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett told shareholders.

🧑‍💼 Who Is Greg Abel?

🇨🇦 A Canadian with Global Business Vision

Abel, 62, currently serves as vice chairman overseeing Berkshire’s non-insurance operations. Born in Edmonton, Alberta, Abel joined Berkshire in 2000 through its acquisition of MidAmerican Energy. He became CEO of the energy division in 2008 and quickly gained Buffett’s trust through his operational prowess and work ethic.

“I didn’t want to work as hard as he works,” Buffett joked. “Greg makes it work better.”

A hands-on manager, Abel is widely seen as pragmatic, disciplined, and firmly aligned with Buffett’s value investing ethos.

💰 Capital Strategy: Preserve the Philosophy

Abel inherits more than a company—he inherits a legacy. One of his biggest challenges will be deploying Berkshire’s $347 billion cash reserve without compromising the investing philosophy that built it.

“The investment philosophy won’t change,” Abel reassured. “It’s how Warren and the team have allocated capital for 60 years.”

Staying patient yet ready to act decisively will define his leadership in a volatile macroeconomic environment.

🪑 What’s Next for Buffett?

Buffett also holds the role of chairman, and while he hasn’t clarified if he’ll retain that title, he hinted at ongoing involvement in a supporting capacity.

His son, Howard “Howie” Buffett, is expected to become nonexecutive chairman after Warren’s eventual passing—a move designed to protect Berkshire’s unique culture. Whether Abel will hold both CEO and chairman titles remains undecided.

“They’ll be unanimously in favor of it,” Buffett said of the board’s likely support for Abel.

🙌 Standing Ovation: A Fitting Send-Off

The day ended with a heartfelt standing ovation from thousands of shareholders, many of whom have followed Buffett for decades. Ron Olson, a board director, summed it up:

“It surprises me, but it impresses me. I’m very anxious to see Warren become the Charlie Munger for Greg Abel.”

With the formal transition expected later this year, Berkshire Hathaway stands at a generational crossroads—but one that appears grounded in continuity, trust, and long-term vision.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.