In May 2025, Warren Buffett announced his plan to retire as CEO of Berkshire Hathaway by the end of the year. Greg Abel will succeed him on January 1, 2026.
The announcement came with the release of Berkshire Hathaway's Q1 2025 results. Operating earnings decreased by 14% to $9.64 billion.
Insurance underwriting profit fell by 48.6%, significantly impacted by wildfire losses. Despite these challenges, the company's cash reserves hit a record $347 billion.
Since the succession announcement, Berkshire Hathaway's Class A shares have fallen over 10%. As of June 19, 2025, shares are trading at $728,200.