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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.