Warren Buffett, the legendary investor dubbed the Oracle of Omaha, will step down as CEO of Berkshire Hathaway by the end of the year, concluding a remarkable six-decade tenure.
At the company’s annual meeting in Omaha, Nebraska, Buffett, 94, announced that Vice-Chairman Greg Abel will assume the role of CEO. “The time is right for Greg to take over as chief executive at year’s end,” Buffett stated, prompting a standing ovation from the 40,000 attendees. With a characteristic quip, he noted, “That applause could mean a couple of things.”
Buffett, who transformed Berkshire Hathaway from a struggling textile business into a $1.16 trillion investment powerhouse, revealed that only his children, Howard and Susie Buffett, were privy to his decision beforehand. Abel, seated beside Buffett, appeared surprised by the announcement. Named as Buffett’s successor four years ago, Abel had not been given a timeline for the transition until now.
During the meeting, Buffett reaffirmed his commitment to Berkshire, stating, “I have no plans to sell a single share of Berkshire Hathaway. It will be given away.” The audience erupted in cheers. Berkshire Hathaway, which owns over 60 companies including Geico, Duracell, and Dairy Queen, also holds significant stakes in Apple, Coca-Cola, Bank of America, and American Express.
Tributes poured in from business leaders, including Apple CEO Tim Cook, who posted on X, “Warren is one of a kind. His wisdom has inspired countless people, including me. Greg will lead Berkshire brilliantly.”
In a 2023 letter, Buffett acknowledged his extended tenure, joking that he was “playing in extra innings.” A self-made billionaire, Buffett began earning money at six, bought his first shares at 11, and filed his first tax return at 13. Despite his $154 billion net worth, ranking him as the world’s fourth-richest person according to Bloomberg, he has lived in the same modest Omaha home for over 65 years and donated billions to charity.
Buffett also addressed global trade, criticizing President Donald Trump’s tariffs. “Using trade as a weapon is a mistake,” he said. “With 7.5 billion people out there, we should focus on trading what we do best and letting others do the same.”
