Most leaders don't leave gracefully. They hold on, convinced they're irreplaceable, until circumstances force their hand. Warren Buffett just showed everyone how it's actually done.
In his final Thanksgiving letter as CEO of Berkshire Hathaway Inc. (BRK.B), Buffett announced that Greg Abel will succeed him, and he did it without fanfare or self-congratulation. Carolyn Dewar, a senior partner at McKinsey, called the transition a powerful lesson for leaders everywhere who struggle with letting go.
Passing the Torch
What struck Dewar most was how Buffett framed the handoff. No victory laps, no dwelling on his legendary track record. Instead, he presented leadership as stewardship rather than ownership—a fundamental distinction that many executives miss entirely.
The letter was vintage Buffett in its humility. He thanked "Lady Luck" for much of his success, acknowledging that timing and good health played crucial roles. This isn't false modesty—it's a genuinely different way of thinking about achievement. Buffett emphasized that real greatness isn't measured by wealth or power, but by kindness and respect for others.
Values That Build Loyalty
Dewar highlighted a particularly striking element of Buffett's message: his insistence that every person deserves respect, regardless of their position. This philosophy, she noted, is what creates lasting loyalty and trust in leadership.
The transition to Abel manages to be both firm and warm, showing that a leader's legacy isn't about personal accomplishments but what you leave behind for others. Buffett's departure focuses on enduring values like integrity and genuine love for the work rather than financial milestones.
The Closing Message
In his final address as CEO, Buffett urged shareholders to lead with kindness and decency. He stressed that "kindness is costless but also priceless" and encouraged everyone to follow The Golden Rule as their behavioral compass.
True to form, Buffett is accelerating the donation of his $149 billion fortune to his children's charitable foundations. It's stewardship in action—ensuring wealth gets distributed responsibly rather than hoarded or squandered.
His consistent acknowledgment of luck and willingness to learn from mistakes creates a precedent that future leaders would be wise to follow. In a world where executives often cling to control until the bitter end, Buffett's exit is refreshingly rare.