Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

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When Warren Buffett announced at his annual shareholder meeting that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants.