Warren Buffett’s Thanksgiving letter, released on November 10, 2025, announced that he will step down as Berkshire Hathaway’s chief executive officer at the end of the year and that Greg Abel will take over the role. The succession plan, first named in 2021 and formally confirmed in May 2025, positions Abel as the company’s next CEO while Buffett remains chairman and retains a significant stake in Class A shares to reassure investors of continuity.
The letter also details a large philanthropic move: Buffett converted 1,800 Class A shares into 2.7 million Class B shares, which were donated to four family foundations. The transaction, valued at roughly $1.3 billion, is part of Buffett’s accelerated effort to increase lifetime gifts to his children’s foundations and to ensure that the majority of his wealth is directed toward charitable causes.
Buffett clarified that he will no longer write Berkshire’s annual report or speak at the annual meeting, but he will continue to author the annual Thanksgiving letter. This shift signals a deliberate reduction in his public speaking role while maintaining a personal touch with shareholders through the letter, a tradition that has been a hallmark of his stewardship.
The transition is expected to provide stability for Berkshire’s diverse portfolio of businesses. By keeping a substantial portion of Class A shares, Buffett aims to maintain shareholder confidence in Abel’s leadership. The company’s size, which Buffett has noted can limit growth, remains a strategic consideration, but the succession plan is designed to preserve long‑term value creation.
The philanthropic donation and the decision to step back from certain public duties underscore Buffett’s focus on legacy and governance. The move is likely to reinforce investor confidence in Berkshire’s governance structure and signal a smooth handover of executive responsibilities while continuing to prioritize charitable giving.
Overall, the Thanksgiving letter marks a significant milestone in Berkshire Hathaway’s governance and philanthropic strategy, setting the stage for Greg Abel’s leadership and reinforcing Buffett’s commitment to long‑term stewardship and charitable impact.
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