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Warren Buffett Plans to Step Down as Berkshire Hathaway CEO by End of 2025

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Warren Buffett Plans to Step Down as Berkshire Hathaway CEO by End of 2025

Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.

By the end of the year, he is preparing to give up that role.

Mr. Buffett said at Berkshire’s annual shareholder meeting on Saturday that he plans to ask the company’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.

Mr. Abel would have “the final word” when it comes to the company’s operations, how it invests and more, Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha.

But Mr. Buffett added that he “would still hang around and conceivably be useful in a few cases.” He will remain chairman of Berkshire — turning that role over to his son Howard Buffett upon his death — and remains the company’s single biggest shareholder, with a roughly 14 percent stake that is worth about $164 billion.

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Mr. Buffett’s plan, which he said had been known only to two of his children who sit on the company’s board, Howard and Susan Buffett, was greeted by a minute-long standing ovation by Berkshire shareholders. Mr. Abel, 62, appeared surprised by his boss’s announcement. After the announcement, several board members attending Berkshire’s meeting hugged each other.

Though Mr. Buffett looked in good health, having led several hours of questions from investors on Saturday, changes to this year’s annual meeting — his 60th at Berkshire — reflected his advancing age. He used a cane, which he first mentioned in the company’s annual letter in February, and shortened the shareholder question session by several hours.

If the board approves the plan, it would signify the end of an era for one of the most successful companies in modern capitalist history, and one of its most famous investors. Mr. Buffett has amassed a Midas-like fortune by being a savvy stock picker, buying up companies and holding them for the long term.

Through that investing philosophy, he assembled a conglomerate that runs a huge insurance operation, a major railroad, dozens of consumer companies and oversees a vast stock portfolio.

Among Berkshire’s most notable holdings are names that many consumers recognize: the auto insurer Geico, the BNSF railroad, the power utility Berkshire Hathaway Energy, Dairy Queen, See’s Candies, Fruit of the Loom, the paint company Benjamin Moore and the private jet company NetJets. Together, those businesses helped Berkshire grow a cash hoard that now sits at nearly $348 billion, more than the stock market valuation of McDonald’s.

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Berkshire’s financial firepower has made Mr. Buffett one of the most influential businessmen in the world, giving his pronouncements on many topics, including politics, great weight. That included his criticism of President Trump’s trade policies, which Mr. Buffett took aim at on Saturday.

“Trade should not be a weapon,” Mr. Buffett said at the annual meeting. “I don’t think it’s right and I don’t think it’s wise.”

Mr. Buffett’s comments on tariffs were far from his first foray into politics. A Democratic supporter, his name was attached to a proposal years ago by former President Barack Obama that would have raised taxes on millionaires. But Mr. Buffett has kept a low profile for months, and even on Saturday he did not mention Mr. Trump by name.

Mr. Buffett’s plan to step down would complete one of the most-watched leadership transitions in corporate America. For years, he faced questions about who could take over Berkshire, a uniquely complicated business, and a number of executives had been floated as his successor.

But in 2021, Mr. Buffett finally confirmed that it would be Mr. Abel who joined the Berkshire fold when the company bought his energy business in 2000. Since then, the Canadian executive has risen through the ranks, turning what is now called Berkshire Hathaway Energy into one of America’s biggest power producers.

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Mr. Abel is currently the vice chairman of Berkshire’s businesses other than insurance. Oversight of the conglomerate’s behemoth insurance operations has remained with Ajit Jain, a longtime Buffett lieutenant. Mr. Buffett and other executives have professed their belief that Mr. Abel could maintain Berkshire’s culture.

“Greg is ready,” Ronald L. Olson, a longtime Berkshire director who is also stepping down, told CNBC after Mr. Buffett’s announcement on Saturday.

Mr. Olson added that he hoped Mr. Buffett could serve as a valuable sounding board for Mr. Abel, much as Charles T. Munger, Mr. Buffett’s longtime business partner who died in 2023, did.

Together, Mr. Buffett and Mr. Munger entertained investors and more — notably at the Berkshire annual meetings, now in their 60th year — with a sort of vaudeville act, Mr. Buffett as the wry optimist and Mr. Munger as the sharp-tongued pessimist.

Berkshire’s latest financial report card underscored the complications that Mr. Abel will confront as chief executive.

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The company reported a sharp drop in first-quarter earnings, with operating income — Mr. Buffett’s preferred measure — down 14 percent from the same time a year ago to $9.6 billion. Using generally accepted accounting principles, Berkshire reported a nearly 64 percent drop in net income, largely because of paper investment losses.

But while markets have grown more volatile in response to Mr. Trump’s whipsawing approach to trade, Mr. Buffett professed little worry about the effects of that volatility on Berkshire.

“It’s really nothing,” he told shareholders, suggesting that riding out market vicissitudes was part of stock investing.

The company reported that a “majority” of its businesses had lower sales and earnings in the first three months of the year, particularly in insurance underwriting income, which was hit by losses tied to the California wildfires.

In a regulatory filing on Saturday, Berkshire warned that Mr. Trump’s trade policies were generating “considerable uncertainty,” which could affect the company’s operating results. “We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services.”

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Berkshire’s cash pile grew to $347.7 billion, a record, reflecting that Mr. Buffett has not found the kind of blockbuster investment opportunities that helped put the company on the map. In the past, he has acknowledged that given Berkshire’s size, it is nearly impossible now for Berkshire to find deals that could meaningfully augment its earnings.

During his question-and-answer session with shareholders at the annual meeting on Saturday, Mr. Buffett acknowledged stocking up on cash to prepare for any potential buying opportunity. He revealed that he had weighed a potential $10 billion investment, but later refused to elaborate.

Berkshire continued to be a net seller of stocks, selling $4.68 billion worth of equity in the quarter, compared with $3.18 billion in purchases.

One matter that Mr. Buffett did not directly address on Saturday is what would happen to Todd Combs and Ted Weschler, whom he hired more than a decade ago to help pick stocks for Berkshire. The two have been widely expected to become Berkshire’s stock pickers after Mr. Buffett steps away, though Mr. Combs has also become the chief executive of Geico.

A number of prominent corporate and business leaders were on hand on Saturday, including the Microsoft co-founder Bill Gates, Tim Cook of Apple (which is one of Berkshire’s biggest stock holdings) and the billionaire financier William A. Ackman. Two first timers, Hillary Rodham Clinton and Priscilla Chan, the wife of Meta’s chief executive Mark Zuckerberg, were also present.

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Andrew Ross Sorkin contributed reporting.

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Snoopy is everywhere right now — from jewelry to pimple patches. Why?

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Snoopy is everywhere right now — from jewelry to pimple patches. Why?

As a child, Clara Spars, who grew up in Charles M. Schulz’s adoptive hometown of Santa Rosa, assumed that every city had life-size “Peanuts” statues dotting its streets.

After all, Spars saw the sculptures everywhere she went — in the Santa Rosa Plaza, at Montgomery Village, outside downtown’s Empire Cleaners. When she and her family inevitably left town and didn’t stumble upon Charlie Brown and his motley crew, she was perplexed.

Whatever void she felt then is long gone, since the beagle has become a pop culture darling, adorning all manner of merchandise — from pimple patches to luxury handbags. Spars herself is the proud owner of a Baggu x Peanuts earbuds case and is regularly gifted Snoopy apparel and accessories.

“It’s so funny to see him everywhere because I’m like, ‘Oh, finally!’” Spars said.

The spike in Snoopy products has been especially pronounced this year with the 75th anniversary of “Peanuts,” a.k.a. Snoopy’s 75th birthday. But the grip Snoopy currently has on pop culture and the retail industry runs deeper than anniversary buzz. According to Sony, which last week acquired majority ownership of the “Peanuts” franchise, the IP is worth half a billion dollars.

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To be clear, Snoopy has always been popular. Despite his owner being the “Peanuts” strip’s main character and the namesake for most of the franchise’s adaptations, Snoopy was inarguably its breakout star. He was the winner of a 2001 New York Times poll about readers’ favorite “Peanuts” characters, with 35% of the vote.

This year, the Charles M. Schulz Museum celebrated the 75th anniversary of the “Peanuts” comic strip’s debut.

(Brennan Spark / Charles M. Schulz Museum)

But the veritable Snoopymania possessing today’s consumers really exploded with the social media boom of the early 2010s, said Melissa Menta, senior vice president of global brand and communications for Peanuts Worldwide.

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That’s also when the company saw the first signs of uncharacteristically high brand engagement, Menta said. She largely attributed the success of “Peanuts” on social media to the comic strip’s suitability to visual platforms like Instagram.

“No one reads the comic strips in newspapers anymore,” Menta said, “but if you think about it, a four-panel comic strip, it’s actually an Instagram carousel.”

Then, in 2023, Peanuts Worldwide launched the campaign that made Snoopy truly viral.

That year, the brand partnered with the American Red Cross to create a graphic tee as a gift for blood donors. The shirt, which featured Snoopy’s alter ego Joe Cool and the message “Be Cool. Give Blood,” unexpectedly became internet-famous. In the first week of the collaboration, the Red Cross saw a 40% increase in donation appointments, with 75% of donors under the age of 34.

“People went crazy over it,” Menta said, and journalists started asking her, “Why?”

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Her answer? “Snoopy is cute and cool. He’s everything you want to be.”

Art of the Peanuts characters hangs at the Charles M. Schulz Museum and Research Center.

“Charles Schulz said the only goal he had in all that he created was to make people laugh, and I think he’s still doing that 75 years later,” Schulz Museum director Gina Huntsinger said.

(Brennan Spark / Charles M. Schulz Museum)

The Red Cross collaboration was so popular that Peanuts Worldwide brought it back this year, releasing four new shirt designs. Again, the Snoopy fandom — plus some Woodstock enthusiasts — responded, with 250,000 blood donation appointments made nationwide in the month after the collection’s launch.

In addition to the Red Cross partnership, Peanuts Worldwide this year has rolled out collaborations with all kinds of retailers, from luxury brands like Coach and Kith to mass-market powerhouses like Krispy Kreme and Starbucks. Menta said licensed product volume is greater than ever, estimating that the brand currently has more than 1,200 licensees in “almost every territory around the world,” which is approximately four times the number it had 40 years ago.

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Then again, at that time, Schulz enjoyed and regularly executed veto power when it came to product proposals, and licensing rules were laid out in what former Times staff writer Carla Lazzareschi called the “Bible.”

“The five-pound, 12-inch-by-18-inch binder given every new licensee establishes accepted poses for each character and painstakingly details their personalities,” Lazzareschi wrote in a 1987 Times story. “Snoopy, for example, is said to be an ‘extrovert beagle with a Walter Mitty complex.’ The guidelines cover even such matters as Snoopy’s grip on a tennis racquet.”

Although licensing has expanded greatly since then, Menta said she and her retail development associates “try hard not to just slap a character onto a T-shirt.” Their goal is to honor Schulz’s storytelling, she added, and with 18,000 “Peanuts” strips in the archive, licensees have plenty of material to pull from.

Rick Vargas, the senior vice president of merchandising and marketing at specialty retailer BoxLunch, said his team regularly returns to the Schulz archives to mine material that could resonate with customers.

“As long as you have a fresh look at what that IP has to offer, there’s always something to find. There’s always a new product to build,” Vargas said.

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Indeed, this has been one of BoxLunch’s strongest years in terms of sales of “Peanuts” products, and Snoopy merchandise specifically, the executive said.

Bejeweled keychains of Snoopy and Charlie Brown.

BaubleBar co-founder Daniella Yacobovsky said the brand’s “Peanuts” collaboration was one of its most beloved yet.

(BaubleBar)

Daniella Yacobovsky, co-founder of the celebrity-favorite accessory retailer BaubleBar, reported similar high sales for the brand’s recent “Peanuts” collection.

“Especially for people who are consistent BaubleBar fans, every time we introduce new character IP, there is this huge excitement from that fandom that we are bringing their favorite characters to life,” Yacobovsky said.

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The bestselling item in the collection, the Peanuts Friends Forever Charm Bracelet, sold out in one day. Plus, customers have reached out with new ideas for products linked to specific “Peanuts” storylines.

More recently, Peanuts Worldwide has focused on marketing to younger costumers in response to unprecedented brand engagement from Gen Z. In November, it launched a collaboration with Starface, whose cult-favorite pimple patches are a staple for teens and young adults. The Snoopy stickers have already sold out on Ulta.com, Starface founder Julie Schott said in an emailed statement, adding that the brand is fielding requests for restocks.

“We know it’s a certified hit when resale on Depop and EBay starts to spike,” Schott said.

The same thing happened in 2023, when a CVS plush of Snoopy in a puffer jacket (possibly the dog’s most internet-famous iteration to date) sold out in-store and started cropping up on EBay — for more than triple the original price.

The culprits were Gen-Zers fawning over how cute cozy Snoopy was, often on social media.

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Yellow and white pouches with Snoopy pimple patches.

“People who love Snoopy adore Snoopy, whether you grew up with ‘Peanuts’ or connect with Snoopy as a meme and cultural icon today,” said Starface founder Julie Schott.

(Starface World Inc.)

Hannah Guy Casey, senior director of brand and marketing at Peanuts Worldwide, said in 2024, the official Snoopy TikTok account gained 1.1 million followers, and attracted 85.4 million video views and 17.6 million engagements. This year, the account has gained another 1.2 million followers, and racked up 106.5 million video views and 23.2 million engagements.

Guy Casey noted that TikTok is where the brand experiences much of its engagement among Gen Z fans.

Indeed, the platform is a hot spot for fan-created Snoopy content, from memes featuring the puffer jacket to compilations of his most relatable moments. Several Snoopy fan accounts, including one dedicated to a music-loving Snoopy plushie, boast well over half a million followers.

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Caryn Iwakiri, a speech and language pathologist at Sunnyvale’s Lakewood Tech EQ Elementary School whose classroom is Snoopy-themed, recently took an impromptu trip to the Charles M. Schulz Museum in Santa Rosa after seeing its welcome center decked out with Snoopy decor on TikTok. Once she arrived, she realized the museum was celebrating the “Peanuts” 75th anniversary.

Two red construction-paper doghouses with Snoopy on each roof.

Last year, the Schulz Museum saw its highest-ever attendance, driven in large part by its increased visibility on social media.

(Brennan Spark / Charles M. Schulz Museum)

It’s a familiar story for Schulz Museum director Gina Huntsinger.

“Last December, we were packed, and I was at the front talking to people, and I just randomly asked this group, ‘Why are you here?’”

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It turned out that the friends had traveled from Washington, D.C., and Las Vegas to meet in Santa Rosa and visit the museum after seeing it on TikTok.

According to Stephanie King, marketing director at the Schulz Museum, the establishment is experiencing its highest-ever admissions since opening in 2002. In the 2024–2025 season, the museum increased its attendance by nearly 45% from the previous year.

Huntsinger said she’s enjoyed watching young visitors experience the museum in new ways.

In the museum’s education room, where visitors typically trace characters from the original Schulz comics or fill out “Peanuts” coloring pages, Gen Z museumgoers are sketching pop culture renditions of Snoopy — Snoopy as rock band Pierce the Veil, Snoopy as pop star Charli XCX.

“When our social media team puts them up [online], there’s these comments among this generation that gets this, and they’re having conversations about it,” Huntsinger said. “It’s dynamic, it’s fun, it’s creative. It makes me feel like there’s hope in the world.”

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A white wall with "Passport to Peanuts" art.

The Schulz Museum’s “Passport to Peanuts” exhibition emphasizes the comic’s global reach.

(Brennan Spark / Charles M. Schulz Museum)

Laurel Roxas felt similarly when they first discovered “Peanuts” as a kid while playing the “Snoopy vs. the Red Baron” video game on their PlayStation Portable. For Roxas, who is Filipino, it was Snoopy and not the “Peanuts” children who resonated most.

“Nobody was Asian. I was like, ‘Oh, I’m not even in the story,’” they said.

Because Snoopy was so simply drawn, Roxas added, he was easy to project onto. They felt similarly about Hello Kitty; with little identifying features or dialogue of their own, the characters were blank canvases for their own personification.

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Roxas visited Snoopy Museum Tokyo with their brother last year. They purchased so much Snoopy merchandise — “everything I could get my hands on” — that they had to buy additional luggage to bring it home.

For some Snoopy enthusiasts, the high volume of Snoopy products borders on oversaturation, threatening to cheapen the spirit of the character.

Growing up, Bella Shingledecker loved the holiday season because it meant that the “Peanuts” animated specials would be back on the air. It was that sense of impermanence, she believes, that made the films special.

Now, when she sees stacks of Snoopy cookie jars or other trend-driven products at big-box stores like T.J. Maxx, it strikes her as a bit sad.

“It just feels very unwanted,” she said. For those who buy such objects, she said she can’t help but wonder, “Will this pass your aesthetic test next year?”

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Lina Jeong, for one, isn’t worried that Snoopy’s star will fade.

Sketches of the "Peanuts" characters.

“[Snoopy is] always able to show what he feels, but it’s never through words, and I think there’s something really poetic in that,” said Lina Jeong.

(Brennan Spark / Charles M. Schulz Museum)

Jeong’s affinity for the whimsical beagle was passed down to her from her parents, who furnished their home with commemorative “Peanuts” coffee table books. But she fell in love with Snoopy the first time she saw “Be My Valentine, Charlie Brown,” which she rewatches every Valentine’s Day.

This past year, she was fresh out of a relationship when the holiday rolled around and she found herself tearing up during scenes of Snoopy making Valentine’s crafts for his friends.

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“Maybe I was hyper-emotional from everything that had happened, but I remember being so struck,” that the special celebrated platonic love over romantic love, Jeong said.

It was a great comfort to her at the time, she said, and she knows many others have felt that same solace from “Peanuts” media — especially from its dear dog.

“Snoopy is such a cultural pillar that I feel like fads can’t just wash it off,” she said.

Soon, she added, she plans to move those “Peanuts” coffee table books into her own apartment in L.A.

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Fight between Waymo and Santa Monica goes to court

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Fight between Waymo and Santa Monica goes to court

Waymo is taking the city of Santa Monica to court after the city ordered the company to cease charging its autonomous vehicles at two facilities overnight, claiming the lights and beeping at the lots were a nuisance to residents.

The two charging stations at the intersection of Euclid Street and Broadway have been a sour point for neighbors since they began operating roughly a year ago. Some residents have told The Times they’ve been unable to sleep because of the incessant beeping from Waymos maneuvering in and out of charging spots on the lot 24 hours a day.

Last month, the city ordered Waymo and the company that operates the charging stations, Voltera, to stop overnight operations at the sites, arguing that the light, noise and activity there constitute a public nuisance. Instead of complying, Waymo has turned around and filed a suit against the city, asking the court to intervene.

“Waymo’s activities at the Broadway Facilities do not constitute a public nuisance,” the company argued in its complaint, filed Wednesday in Los Angeles County Superior Court. “Waymo faces imminent and irreparable harm to its operations, employees, and customers.”

A spokesperson for the city did not immediately respond to a request for comment.

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According to the suit, the city was aware that the Voltera charging facilities were to operate and maintain a commercial electric vehicle fleet 24 hours a day, and the city approved its use when it approved the permits for the stations.

The rift between the company and some Santa Monica residents began as soon as the vehicles began utilizing the 24-hour charging stations, which have overnight staffing, lights and cars beeping as they reverse in and out of parking spots. Tensions got so bad that some residents took to blocking the path of the driverless vehicles, blocking the driveways into the charging stations, and placing orange cones in the area to hinder their routes and create backups, a practice several have called “stacking the Waymos.”

Meanwhile, employees at the charging stations have called police several times as a result, although no arrests have been made. Waymo also unsuccessfully attempted to obtain a temporary restraining order against one resident who had allegedly repeatedly blocked the vehicles.

On Nov. 19, the city ordered Waymo to stop charging its autonomous cars at the two lots overnight or face the possibility of legal action. Waymo declined and instead sued the city last week after negotiations with the city on mitigation measures to the lots fell apart.

According to the lawsuit, Waymo and Voltera representatives reached out to the city after the Nov. 19 order, looking for ways to mitigate the noise and lights from the lots, including initiating a software update that would change the vehicles’ path to the charging stations. But after a meeting on Dec. 15 with the city, no agreement was reached, the company said in its complaint.

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“We are disappointed that the City has chosen an adversarial path over a collaborative one,” a spokesperson for Waymo said in a statement.

“The City’s position has been to insist that no actions taken or proposed by Waymo would satisfy the complaining neighbors and therefore must be deemed insufficient.”

The company also blasted the city’s handling of the dispute, arguing that despite facing a budget crisis, city officials have adopted a contentious strategy against business.

“The City of Santa Monica’s recent actions are inconsistent with its stated goal of attracting investment,” the company said in a statement. “At a time when the City faces a serious fiscal crisis, officials are choosing to obstruct properly permitted investment rather than fostering a ‘ready for business’ environment.”

The lawsuit is just the latest legal battle for the Alphabet-owned company, which has been rapidly expanding across California, making the white, driverless vehicles more commonplace.

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Two years ago, the company was sued by the city of San Francisco, which argued that the California Public Utilities Commission shouldn’t have handed Waymo permits to expand and operate in the city, and that the regulatory agency had abdicated its responsibilities.

The California 1st District Court of Appeal disagreed, and ruled against the city.

This past June, Waymo announced it would expand its service area to 120 square miles in Los Angeles County, with Waymos operating in Playa del Rey, Ladera Heights, Echo Park, Silver Lake and Hollywood.

In November the company launched its ride-hailing service to now operate across Los Angeles County freeways, as well as in the San Francisco Bay and Phoenix.

Since it launched in Santa Monica, the company argues it has done more than a million trips in the city and in November alone, recorded more than 50,000 rides starting or ending there.

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“The [charging] site has enabled Waymo to provide a safe, sustainable and accessible transportation option to city residents,” Waymo said in the statement.

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Video: Uber Clears Violent Felons to Drive

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Video: Uber Clears Violent Felons to Drive

new video loaded: Uber Clears Violent Felons to Drive

Our reporter, Emily Steel, found that in many states, Uber’s guidelines allow people with serious criminal convictions to drive, as long as those convictions are more than seven years old. Some of those drivers have gone on to sexually assault or harass passengers.

By Emily Steel, Christina Shaman, Zach Caldwell, David Jouppi and Thomas Trudeau

December 22, 2025

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