Berkshire After Buffett: Greg Abel Takes Over, and the Cash Starts Moving
Warren Buffett set Berkshire Hathaway’s CEO succession in motion in May 2025, when the board unanimously chose Greg Abel to become president and CEO on January 1, 2026. Abel’s first months included the completion of the roughly $9.4 billion OxyChem acquisition, a $6.8 billion purchase of Taylor Morrison, renewed share repurchases and a minority investment plan involving Tokio Marine, while Berkshire also issued yen-denominated debt. Even after $4.8 billion of repurchases in the first half of 2026, Berkshire reported $359.2 billion of cash, cash equivalents and U.S. Treasury Bills at June 30. Buffett completed the leadership transition in September by becoming Chairman Emeritus, with Howard Buffett elected chairman; the central question is how Abel will deploy Berkshire’s remaining cash while preserving its decentralized structure and capital-allocation discipline.
Key moments
- May 3, 2025Buffett tells the annual meeting he wants Greg Abel running Berkshire by year-end, and the board votes for it unanimously
- Dec 8, 2025The CFO succession is set too — Marc Hamburg hands the job to Charles Chang in June 2026 after 33 years
- Jan 2, 2026Abel's first full day as CEO closes the $9.4 billion OxyChem purchase
- Mar 4, 2026Berkshire starts buying back its own stock again, and says the leadership transition is why it is telling you
- May 31, 2026Berkshire agrees to buy the homebuilder Taylor Morrison for $72.50 a share, about $6.8 billion
- Aug 10, 2026Half a year of Abel, in numbers — $4.8 billion of buybacks and still $359.2 billion in cash and Treasury bills
Timeline
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202611 entries
- Announcement
Buffett completes the handover: Chairman Emeritus at 96, with his son Howard elected Chairman
Berkshire announced that Warren Buffett had been named Chairman Emeritus effective immediately, remaining a director, and that the board had elected Howard G. Buffett — a Berkshire director since 1993 — as Chairman. Susan Decker stays lead independent director. In the attached letter Buffett wrote that Abel "has been making the decisions that matter for some time now" and described his son's role as guarding the culture rather than running the company.
- Berkshire Hathaway · Sep 18, 2026 ·
Berkshire Hathaway Inc. today announced that Warren E. Buffett has been named Chairman Emeritus, effective immediately , in recognition of his extraordinary contributions to Berkshire and its owners. As Chairman Emeritus, Mr . Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective.
- Berkshire Hathaway · Sep 18, 2026 ·
- ReportKey moment
Half a year of Abel, in numbers — $4.8 billion of buybacks and still $359.2 billion in cash and Treasury bills
Berkshire's second-quarter report put the cash, cash equivalents and U.S. Treasury Bills held by its insurance and other businesses at $359.2 billion at June 30, 2026, against $340.8 billion of equity and fixed-maturity securities. It had repurchased $4.8 billion of its own stock in the first six months of the year, most of it in the second quarter — the first meaningful buybacks in a long stretch, and small next to the cash pile.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
Berkshire acquired $4.8 billion of treasury stock in the first six months of 2026, most of which was in the second quarter. At June 30, 2026, our insurance and other businesses held investments in cash, cash equivalents and U.S. Treasury Bills (net of payables for unsettled purchases) of $359.2 billion.
- Berkshire Hathaway · Aug 10, 2026 ·
Berkshire acquired $4.8 billion of treasury stock in the first six months of 2026, most of which was in the second quarter.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
- Financial
Taylor Morrison shareholders approve, and the deal closes eight weeks after it was signed
A majority of Taylor Morrison shareholders voted to adopt the merger agreement on July 22, 2026, and with the regulatory approvals in hand the acquisition completed two days later. Taylor Morrison joins Berkshire's building products group, bringing its mortgage, title and escrow and homeowners' insurance operations with it.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
A majority of the Taylor Morrison shareholders voted to adopt the Agreement on July 22, 2026, and with receipt of all necessary regulatory approvals, the acquisition was completed on July 24, 2026.
- Berkshire Hathaway · Aug 10, 2026 ·
A majority of the Taylor Morrison shareholders voted to adopt the Agreement on July 22, 2026, and with receipt of all necessary regulatory approvals, the acquisition was completed on July 24, 2026.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
- Report
Berkshire listed Alphabet among its five largest equity holdings
Berkshire listed Alphabet among its five largest equity holdings by fair value at June 30, 2026. Its June and March 13F information tables listed 27,188,433 and 3,585,215 Alphabet Class C shares, respectively.
- Berkshire Hathaway · Aug 10, 2026 ·
The five largest holdings at June 30, 2026 were Alphabet Inc., American Express Company, Apple Inc., Bank of America Corporation and The Coca-Cola Company.
- Berkshire Hathaway Form 13F-HR · Aug 14, 2026 ·
ALPHABET INC CAP STK CL C 02079K107 9,606,489,032 27,188,433 SH
- Berkshire Hathaway Form 13F-HR · May 16, 2026 ·
ALPHABET INC CAP STK CL C 02079K107 1,028,454,775 3,585,215 SH
Editor's note: The June 30, 2026 quarterly report identifies Alphabet as one of Berkshire's five largest equity holdings by fair value. The cited June and March Form 13F information tables list 27,188,433 and 3,585,215 Alphabet Class C shares, respectively.
- Berkshire Hathaway · Aug 10, 2026 ·
- AnnouncementKey moment
Berkshire agrees to buy the homebuilder Taylor Morrison for $72.50 a share, about $6.8 billion
Berkshire signed a merger agreement to acquire all outstanding shares of Taylor Morrison Home Corporation, a national community developer and homebuilder, for $72.50 per share in cash — roughly $6.8 billion in total. It is Abel's first acquisition agreement as chief executive and takes Berkshire deeper into housing, a sector it already touches through Clayton Homes and its building-products group.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
On May 31, 2026, Berkshire entered into an Agreement and Plan of Merger (the "Agreement") with Taylor Morrison Home Corporation ("Taylor Morrison") to acquire all outstanding shares of Taylor Morrison common stock for $72.50 per share in cash, or approximately $6.8 billion in the aggregate.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
- Update
Greg Abel led his first Berkshire annual shareholder meeting as CEO
Greg Abel led his first Berkshire Hathaway shareholder meeting as CEO. He said he would maintain the company's culture and its rejection of centralized bureaucracy.
- CNBC · May 2, 2026 ·
In his first shareholders meeting as Berkshire Hathaway's new CEO, Greg Abel stresses that he will maintain the company's long-standing culture, especially its rejection of a centralized bureaucracy.
Editor's note: The cited CNBC page states that on May 2, 2026, Greg Abel held his first shareholders meeting as Berkshire Hathaway's CEO and stressed he would preserve the company’s culture and rejection of centralized bureaucracy.
- CNBC · May 2, 2026 ·
- Financial
Berkshire issued ¥272.3 billion of yen-denominated senior notes
Berkshire issued ¥272.3 billion of senior notes in April 2026, with maturity dates from 2029 through 2056. The offering included six note tranches, including ¥128.9 billion due in 2029 and ¥86.8 billion due in 2031.
- Berkshire Hathaway · Aug 10, 2026 ·
In April of 2026, Berkshire also issued ¥272.3 billion ($1.7 billion) of senior notes with maturity dates ranging from 2029 to 2056 and a weighted average interest rate of 2.4%.
- Berkshire Hathaway · Apr 14, 2026 ·
We are offering (i) ¥128,900,000,000 of our 2.077% Senior Notes due 2029; (ii) ¥86,800,000,000 of our 2.465% Senior Notes due 2031; (iii) ¥22,300,000,000 of our 2.739% Senior Notes due 2033; (iv) ¥27,300,000,000 of our 3.084% Senior Notes due 2036; (v) ¥2,000,000,000 of our 3.452% Senior Notes due 2041; and (vi) ¥5,000,000,000 of our 4.037 % Senior Notes due 2056 (collectively, the “notes”).
Editor's note: The cited Berkshire filing states that Berkshire issued ¥272.3 billion of senior notes in April 2026 with maturities ranging from 2029 through 2056. The cited SEC prospectus lists six tranches, including ¥128.9 billion due 2029 and ¥86.8 billion due 2031.
- Berkshire Hathaway · Aug 10, 2026 ·
- Announcement
National Indemnity agreed to acquire a 2.5% Tokio Marine stake
National Indemnity Company agreed to initially acquire an approximately 2.5% ownership stake in Tokio Marine Holdings through a third-party allotment of treasury shares. Berkshire later said remaining proceeds from its yen-note offering were expected to finance part of its minority Tokio Marine investment.
- Tokio Marine · Mar 23, 2026 ·
NICO will initially acquire an approximately 2.5% ownership stake in TMHD through a third-party allotment of treasury shares.
- Berkshire Hathaway · Apr 14, 2026 ·
We expect to use the net proceeds of this offering to refinance the 2026 Senior Notes, and any remaining net proceeds to finance in part our acquisition of a minority stake in Tokio Marine.
Editor's note: Source 1 states that the agreement was announced on March 23, 2026 and that NICO would initially acquire an approximately 2.5% TMHD stake through a third-party allotment of treasury shares. Source 2 states that remaining net proceeds from Berkshire’s yen-denominated note offering were expected to finance part of its acquisition of a minority Tokio Marine stake.
- Tokio Marine · Mar 23, 2026 ·
- FinancialKey moment
Berkshire starts buying back its own stock again, and says the leadership transition is why it is telling you
Berkshire disclosed in an 8-K that it had begun repurchasing its Class A and Class B shares on March 4, 2026, under the standing policy that allows buybacks whenever the price is below intrinsic value. Berkshire does not normally pre-announce repurchases; it said it was doing so here "in the interest of transparency with our leadership transition." The company had bought back no stock for several quarters before this.
- U.S. Securities and Exchange Commission · Mar 5, 2026 ·
In the interest of transparency with our leadership transition, we are disclosing that we commenced repurchasing shares of our common stock under this policy on Wednesday, March 4, 2026.
- U.S. Securities and Exchange Commission · Mar 5, 2026 ·
- Announcement
Greg Abel published his first annual Berkshire shareholder letter
Greg Abel wrote his first annual shareholder letter as Berkshire's CEO. He said the Board appointed him CEO and that he succeeded Warren Buffett.
- Berkshire Hathaway · Feb 28, 2026 ·
I am honored by our Board’s decision to appoint me CEO of Berkshire and humbled to succeed Warren as I write my first annual letter to you.
Editor's note: The letter is signed by Gregory E. Abel as Chief Executive Officer and dated February 28, 2026. It explicitly calls itself his first annual letter and states that the Board appointed him CEO and that he succeeded Warren Buffett.
- Berkshire Hathaway · Feb 28, 2026 ·
- FinancialKey moment
Abel's first full day as CEO closes the $9.4 billion OxyChem purchase
Berkshire completed its acquisition of OxyChem, Occidental Petroleum's chemicals business, for about $9.4 billion on January 2, 2026 — the day after Greg Abel formally took over as chief executive. The deal had been agreed under Buffett and is the largest Berkshire acquisition since Alleghany in 2022.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
On January 2, 2026, Berkshire acquired OxyChem for approximately $9.4 billion.
- Berkshire Hathaway · May 2, 2026 ·
Consideration paid to Occidental was approximately $9.5 billion, which is subject to adjustment pursuant to the terms of the agreement.
- Berkshire Hathaway · Aug 10, 2026 ·
On January 2, 2026, Berkshire completed the acquisition of Occidental Petroleum Corporation’s (“Occidental”) chemicals business (“OxyChem”) pursuant to an agreement that was entered into on October 1, 2025, for cash consideration of approximately $9.4 billion, which includes certain post-closing adjustments pursuant to the terms of the agreement.
- U.S. Securities and Exchange Commission · Aug 10, 2026 ·
20252 entries
- AnnouncementKey moment
The CFO succession is set too — Marc Hamburg hands the job to Charles Chang in June 2026 after 33 years
Berkshire announced that Marc Hamburg, its chief financial officer since 1992, would resign the CFO role on June 1, 2026 and retire a year later, staying on through the handover. Charles Chang, who had been chief financial officer of Berkshire Hathaway Energy since October 2024 and a PricewaterhouseCoopers partner before that, would succeed him. The change puts a second long-serving executive out of the seat in the same six months as the CEO transition.
- U.S. Securities and Exchange Commission · Dec 11, 2025 ·
On December 8, 2025, Berkshire Hathaway Inc. (“Berkshire”) announced that Marc D. Hamburg, Berkshire’s Senior Vice President and Chief Financial Officer will retire from Berkshire on June 1, 2027. Mr. Hamburg will resign as Berkshire’s Chief Financial Officer on June 1, 2026 and work with his replacement from that date until his retirement on June 1, 2027 to ensure a smooth and seamless transition.
- U.S. Securities and Exchange Commission · Dec 11, 2025 ·
- AnnouncementKey moment
Buffett tells the annual meeting he wants Greg Abel running Berkshire by year-end, and the board votes for it unanimously
At the 2025 annual meeting in Omaha, Warren Buffett said he would recommend to the board that Greg Abel become chief executive at the end of the year. The directors voted unanimously two days later to appoint Abel president and CEO effective January 1, 2026, with Buffett staying on as chairman. Abel had been Berkshire's vice chairman for non-insurance operations since 2018 and had been named the designated successor in 2021.
- U.S. Securities and Exchange Commission · May 8, 2025 ·
On May 5, 2025, Berkshire Hathaway issued a press release regarding Mr. Buffett’s announcement on May 3, 2025; the unanimous vote of the Board of Directors to appoint Mr. Abel as President and CEO to be effective on January 1, 2026; and that Mr. Buffett will remain as Chairman of the Board of Directors.
- U.S. Securities and Exchange Commission · May 8, 2025 ·
Where sources disagree or fall silent
- The published nodes do not independently confirm that Charles Chang assumed the CFO role on June 1, 2026 as planned, or describe the final scope of Marc Hamburg’s continuing transition role.
- Berkshire had disclosed $4.8 billion of repurchases for the first six months of 2026, but the listed record does not provide a later quarterly total or establish whether the renewed buyback activity continued after June.
- It remains unclear how much of Berkshire’s $359.2 billion June 30 cash, cash-equivalent and Treasury Bill balance Abel intends to use for further acquisitions, equity investments, debt repayment or repurchases.
- The OxyChem deal closed during Abel’s first days as CEO but had been agreed under Buffett, leaving the later record to establish which large capital-allocation decisions are distinctly Abel-led.
What to watch next
- Nov 14, 2026 — Deadline for shareholder proposals to reach Berkshire for the 2027 proxy statement The first proxy of the post-Buffett era. The 2026 proxy sets November 14 as the cut-off for proposals to be included, and December 15 as the deadline for shareholders to recommend director candidates to the governance committee — the two dates that decide what, if anything, owners put to the board after the chairman changed.
- May 1, 2027 — Berkshire's 2027 annual meeting in Omaha Abel's second annual meeting as chief executive and the first with Howard Buffett in the chair. The 2026 visitors' guide states the date: "The 2027 annual meeting will be on Saturday, May 1."
- Jun 1, 2027 — Marc Hamburg retires, completing the CFO handover to Charles Chang Hamburg resigned the CFO role on June 1, 2026 and agreed to stay a further year alongside his successor. His retirement closes the second of the two long-tenure departures Berkshire set in motion in the same six months.
Who is involved
- Berkshire Hathawaycompany
The conglomerate undergoing its CEO, CFO and board-chairmanship transitions while resuming acquisitions and stock repurchases.
- Greg Abelperson
Became Berkshire’s president and CEO on January 1, 2026, succeeding Buffett and directing the company’s capital allocation.
- Warren Buffettperson
Former Berkshire CEO who remained chairman through the initial CEO transition and became Chairman Emeritus in September 2026.
- Taylor Morrisoncompany
Homebuilder acquired by Berkshire for $72.50 per share, or roughly $6.8 billion, in July 2026.
- Alphabetcompany
One of Berkshire’s five largest equity holdings by fair value at June 30, 2026 after Berkshire increased its reported Class C share position.
- Charles Changperson
Former Berkshire Hathaway Energy CFO named to succeed Marc Hamburg as Berkshire CFO.
- Howard Buffettperson
Berkshire's board elected him Chairman after Warren Buffett was named Chairman Emeritus.
- Marc Hamburgperson
Berkshire’s CFO since 1992, scheduled to leave the CFO role on June 1, 2026 and retire a year later.
5 more
- National Indemnity Companycompany
Berkshire insurance subsidiary that agreed to acquire an approximately 2.5% stake in Tokio Marine.
- Occidental Petroleumcompany
Seller of the OxyChem chemicals business to Berkshire.
- OxyChemproduct
Occidental Petroleum’s chemicals business, acquired by Berkshire for about $9.4 billion on January 2, 2026.
- Susan Deckerperson
Remained Berkshire's lead independent director.
- Tokio Marine Holdingscompany
Japanese insurer whose treasury shares were to be acquired by National Indemnity as part of a strategic partnership.
Changelog
- Added 5 entries: 2026-02-28 Greg Abel published his first annual Berkshire shareholder letter; 2026-03-23 National Indemnity agreed to acquire a 2.5% Tokio Marine stake; 2026-04 Berkshire issued ¥272.3 billion of yen-denominated senior notes; 2026-05-02 Greg Abel led his first Berkshire annual shareholder meeting as CEO and 1 more. Added 8 hand-verified entries by the editor.
A research pass records each dated fact with the page it came from and a verbatim quote. A second, independent pass re-opens every cited page and rejects entries it cannot confirm. The editor reviews what remains before it is published, and every change is listed above. Full method.