Warren Buffett, the legendary investor known as the Oracle of Omaha, announced his retirement as CEO of Berkshire Hathaway, effective at the end of this year. At the company’s annual meeting, the 94-year-old revealed he would be passing the leadership baton to Vice Chairman Greg Abel.
“I think the time has arrived where Greg should become the chief executive of the company at year-end,” said Buffett, marking the beginning of a new era for the company.
Buffett’s career has been nothing short of extraordinary. He transformed Berkshire Hathaway from a failing textile manufacturer into a global investment powerhouse, currently valued at $1.16 trillion (£870 billion). Widely regarded as one of the most successful investors in history, his departure signals the end of an era.
After Buffett’s announcement, the audience of approximately 40,000 gave him a standing ovation. With a touch of humor, he remarked, “The enthusiasm shown by that response could be interpreted in two ways,” lightening the mood as he shared the news.
Buffett revealed that only his two children, Howard and Susie, were aware of his decision before the public announcement. Meanwhile, Greg Abel, seated next to Buffett, appeared surprised by the news, even though he had been handpicked by Buffett as his successor four years ago. However, Buffett had not previously indicated his retirement plans. He also reassured attendees that he does not plan to sell off any Berkshire Hathaway shares. “I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away,” he said, much to the crowd’s delight.
Business leaders around the world have praised Buffett’s unparalleled business legacy. Tim Cook, CEO of Apple, was among those to offer his congratulations. “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Cook wrote on X/Twitter. “It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
In a rare letter released in 2023, Buffett acknowledged that although he had no intention of stepping down, he was “playing in extra innings” given his age. Throughout his career, Berkshire Hathaway has grown to own more than 60 companies, including well-known brands like Geico, Duracell, and Dairy Queen. The company also holds major stakes in global giants such as Apple, Coca-Cola, Bank of America, and American Express.
Buffett, who has donated billions to charity, was recently ranked by Bloomberg as the fourth-wealthiest person globally, with a net worth of $154 billion. Despite his immense fortune, he has remained remarkably modest, living in the same house in Omaha for over 65 years.
In addition to his business acumen, Buffett has also been outspoken on global economic matters. During the meeting, he criticized President Donald Trump’s tariffs, arguing that the US should not use trade as a weapon. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he said. “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.”
