On May 3, during Berkshire Hathaway’s (NYSE: BRK.B) annual general meeting in Omaha, Nebraska, Warren Buffett surprised the crowd by announcing his plan to step down as CEO at the end of 2025. At 94, the legendary investor will stay on as chair of the board, but his long-time successor, Greg Abel, will officially take the reins in 2026. The announcement caught everyone off guard – including Abel himself – with only Buffett’s immediate family in the loop beforehand.