8 Berkshire Hathaway companies that Warren Buffett is handing over to Greg Abel

Warren Buffett announced Saturday that he will retire as Berkshire Hathaway’s (BRK.A) CEO at the end of 2025 and hand the reins to Greg Abel, a transition that’s long been expected given that Buffett publicly named Abel as his successor in 2021.

Buffett, 94, will stay on as Berkshire’s board chair.

While the move was expected, it comes as a jolt given the Oracle of Omaha’s legendary run as the head of the $1.1 trillion conglomerate.

Abel, 62, first joined Berkshire in 2000. He has steadily climbed the ranks and has been the vice chairman of Berkshire’s non-insurance companies since 2018. The companies he oversees reported $5 billion in earnings in the first quarter of 2025, according to CNN.

Buffett has been hyping Abel as his heir apparent for years, telling CNBC in 2023 that Abel “does all the work, and I take all the bows.” Buffett added, “He’s a big improvement on me, but don’t tell anybody.”

Now, Abel will be the CEO of a multinational conglomerate that has subsidiaries in industries across food, retail, transportation, and more. Here are eight of the biggest companies Abel will oversee when he takes over at the end of the year.

Dairy Queen

The fast food chain, famous for its burgers and frozen treats — specifically the Blizzard sundae — was acquired by Berkshire Hathaway in 1998. Today, Dairy Queen has 6,800 locations worldwide, about 4,500 of which are in the U.S. DQ restaurants pulled in an estimated $4.6 billion in the U.S. in 2022, according to Statista.

Fruit of the Loom

Berkshire acquired this Bowling Green, Kentucky-based clothing brand in 2002 for about $835 million. Though Fruit of the Loom is arguably best known for its undies, the company also manufactures T-shirts, outerwear, and sportswear, plus sports equipment through its subsidiary, Spalding. Fruit of the Loom employs more than 30,000 people worldwide.

Berkshire Hathaway Energy

Abel began working at CalEnergy in 1992. That firm later acquired MidAmerican Energy, and Abel became the company’s president. Two years later, MidAmerican Energy was acquired by Berkshire and renamed Berkshire Hathaway Energy. The utility company is based in Des Moines, Iowa, where Abel now lives. It employs about 24,000 people worldwide and reported $25.6 billion in revenue in 2023.

NetJets

NetJets was the first private business jet charter in the world when it was founded as Executive Jet Airways in 1964. Berkshire acquired the company for $725 million in 1998 and renamed it NetJets four years later. Today, the firm owns the world’s largest fleet of private jets, with over 750 aircraft in operation around the world.

Duracell

Abel will soon top the coppertop. Berkshire acquired Duracell in 2016 by exchanging the shares it owned in Procter & Gamble (PG) for ownership of the battery maker. The century-old, Chicago-headquartered firm employs 8,000 people and pulls in $2 billion in annual revenue, according to Fortune.

Borsheims

Based in Buffett’s home city of Omaha, Nebraska, jewelry retailer Borsheims has been around since it was founded by a Norwegian immigrant in 1870. Buffett acquired a majority stake in the company for an undisclosed amount in 1989, and today, the company sells a variety of luxury jewelry, watches, and other accessories both in person and online. Borsheims’ 62,000-foot Omaha store is the location for Berkshire’s shareholder-only events at its annual meeting.

BNSF Railway

Among Abel’s charges will be BNSF, the largest freight railroad in the U.S. The firm owns 33,400 miles of track spanning 28 states, including three transcontinental routes. BNSF, formed by the merger of two railway companies in 1995, was publicly traded until Buffett acquired all its shares in 2010 and took it private. Its headquarters are in Fort Worth, Texas, and the company employs about 36,000 people.

GEICO

Because Abel was chairman of Berkshire’s non-insurance companies, he didn’t oversee GEICO — but as CEO, now he will. Berkshire has owned the automotive insurance giant since Buffett acquired all its shares in 1996, three years before the company introduced its beloved gecko mascot. Founded in 1936, GEICO today has 40,000 employees and insures more than 28 million vehicles. It made $7.8 billion in underwriting profit in 2024.