Buffett will remain chairman, but he aims to turn over investing oversight to Greg Abel, the company's vice chairman of non-insurance operations. The board of directors followed up by unanimously voting in favor of the move, paving the way for Abel to take over as of Jan. 1, 2026.

What is Buffett’s legacy?Start the day smarter. Get all the news you need in your inbox each morning. Buffett took over Berkshire in 1965 with a value approach to investing. Value investing includes focusing on identifying and purchasing stocks that are trading below their perceived intrinsic or fair value.

Berkshire Hathaway has amassed 28% of Occidental Petroleum, but its stock has slumped as U.S. oil prices come under pressure.