Warren Buffett disclosed in his annual letter to Berkshire Hathaway shareholders that “it won’t be long” until he is succeeded as CEO by Greg Abel, who runs the company’s energy division. Buffett, 94,

In this year’s letter, Buffett addressed the U.S. government while touching upon Berkshire Hathaway’s sizable tax payments. The company paid the IRS a staggering $26.9 billion last year—about 5 percent of what all of corporate America paid, noted the executive.

Berkshire Hathaway’s operating earnings grew sharply in 2024. After a ninth straight quarter of selling stocks, Warren Buffett’s cash hoard is above $334 billion.