Warren Buffett, the 95-year-old CEO of Berkshire Hathaway, released his first Thanksgiving letter to shareholders on Monday, marking a significant transition in the company’s leadership. In the letter, Buffett announced he will hand over the CEO role to longtime Berkshire executive Greg Abel on January 1, 2026, while remaining as chair of the board. This decision reflects Buffett’s gradual stepping away from day-to-day operations as he enters the final chapter of his legendary career.
Major $1.3 Billion Donation to Family Foundations
Buffett opened his letter by announcing a landmark $1.3 billion donation in Berkshire shares to four family foundations run by his three children: Susan, Howard, and Peter. Each foundation focuses on distinct philanthropic goals, ranging from reproductive health to hunger relief. Buffett emphasized that his children now possess the maturity and judgment to manage substantial wealth. He explained that accelerating these lifetime gifts aims to ensure his entire estate will be properly distributed according to his values.
Greg Abel Leadership and Future Plans
Buffett expressed strong confidence in Greg Abel’s ability to lead Berkshire, stating he couldn’t think of anyone better suited to handle shareholder savings. The 95-year-old also revealed that his Thanksgiving letter will become an annual tradition, replacing the lengthy annual reports and extended shareholder meetings he has traditionally conducted. Throughout the letter, Buffett reflected on his life in Omaha, Nebraska, offering nostalgic memories and sharing business wisdom. He concluded with thoughtful advice: “Decide what you would like your obituary to say and live the life to deserve it.”