Warren Buffett, the legendary investor and longtime CEO of Berkshire Hathaway, has announced he will step down as chief executive at the end of the year. The 94-year-old billionaire made the surprise revelation during Berkshire’s annual shareholder meeting on Saturday in Omaha, Nebraska.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett told the crowd of more than 40,000 attendees.
The announcement marked a pivotal moment in the history of Berkshire Hathaway, the $1
R21.58 trillion conglomerate that Buffett transformed from a struggling textile business into one of the world’s most powerful investment empires.
Greg Abel to Take the Helm
Buffett named Greg Abel, Vice Chairman of Non-Insurance Operations at Berkshire, as his successor. Although Abel had been identified as the heir apparent four years ago, Buffett had given no indication that his retirement was imminent — a fact underscored by Abel’s visibly surprised reaction at the event.
Buffett stated that only his children, Howard and Susie Buffett, had been informed ahead of time. Despite stepping down, Buffett assured shareholders he has no plans to sell any of his Berkshire shares, saying:
“I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away.”
Tributes Pour In
Industry leaders, including Apple CEO Tim Cook, paid tribute to Buffett’s unmatched legacy. Cook said on X/Twitter:
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. There’s no question that Warren is leaving Berkshire in great hands with Greg.”
A Storied Legacy
Buffett’s life has been one of early ambition and enduring simplicity. He began his business career at just six years old, bought his first stock at age 11, and filed his first tax return at 13. Despite amassing a personal fortune of $154
R2,865.16 billion, he has lived in the same modest home in Omaha for over 65 years.
Through decades of prudent investments, Buffett built Berkshire Hathaway into a powerhouse with more than 60 subsidiaries, including:
- GEICO (insurance)
- Duracell (batteries)
- Dairy Queen (restaurants)
The company also holds substantial equity positions in major corporations such as Apple, Coca-Cola, Bank of America, and American Express.
Still Making Headlines
Even at 94, Buffett remains outspoken on major global issues. During Saturday’s meeting, he warned against using trade as a geopolitical weapon, criticizing former President Donald Trump’s tariffs.
“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.”
Buffett’s transition marks the end of an era, but with Greg Abel at the helm, Berkshire Hathaway appears poised for continued stability and long-term growth.
