Greg Abel at the Allen & Company Sun Valley Conference on July 14, 2023 in Sun Valley, Idaho. Getty Images

Greg Abel will take over as CEO and President of Berkshire Hathaway on Jan. 1, 2026, the company’s board confirmed following this weekend’s closely watched shareholder meeting in Omaha, Neb. Warren Buffett, 94, announced his retirement to a stunned crowd of 40,000 investors, capping a 55-year tenure during which he delivered a staggering 5,000,000 percent return. Abel, 62, long considered Buffett’s heir apparent, received the board’s formal endorsement after Buffett publicly declared it was “time” for the leadership transition.

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