Warren Buffett Signals Greg Abel as Successor in Annual Shareholder Letter

The 94-year-old Berkshire Hathaway CEO reflects on his tenure, outlines the company's financial strategy, and hints at future leadership transition.

Warren Buffett, 94, confirmed that Greg Abel, head of Berkshire Hathaway's energy division, will succeed him as CEO, though no specific timeline was provided.
Berkshire Hathaway reported robust financial performance in 2024, with operating earnings growing 71% and a record $26.8 billion paid in federal taxes.
Buffett reaffirmed his long-standing preference for equities over cash, even as Berkshire reduced its holdings in bank stocks like Bank of America and Citigroup last year.
The company continues to hold significant stakes in blue-chip firms such as Apple, American Express, and Coca-Cola, while investing in Japanese trading companies.
Buffett addressed climate change's impact on Berkshire's insurance and energy sectors, highlighting the challenges of rising property damage costs and potential opportunities for the industry.