Warren Buffett to Retire as CEO

Warren Buffett, the 94-year-old billionaire known as the "Oracle of Omaha," announced Saturday that he will retire as CEO of Berkshire Hathaway at the end of the year, handing leadership to Vice Chairman Greg Abel.

The surprise announcement came during Berkshire Hathaway’s annual shareholder meeting, where Buffett revealed that Abel, 62, would take over as chief executive of the $1.16 trillion conglomerate.

"The time has arrived where Greg should become the CEO of the company at year-end," Buffett told the crowd of roughly 40,000 attendees, prompting a standing ovation. He quipped, "The enthusiasm shown by that response could be interpreted in two ways."

Buffett, who transformed Berkshire from a struggling textile manufacturer into a global investment powerhouse, said only his two children, Howard and Susie Buffett, were aware of his decision beforehand. Abel, seated beside him on stage, appeared caught off guard by the announcement.

A Carefully Chosen Successor

Buffett had named Abel as his heir apparent in 2021 but had given no indication of an imminent retirement. The transition marks the end of an era for Berkshire, which owns more than 60 companies—including Geico, Duracell, and Dairy Queen—and holds major stakes in Apple, Coca-Cola, Bank of America, and American Express.

Despite stepping down as CEO, Buffett assured shareholders he would remain involved in the company. "I have no intention—zero—of selling one share of Berkshire Hathaway. It will get given away," he said, referencing his long-standing pledge to donate his wealth to charity.

Apple CEO Tim Cook was among the business leaders who paid tribute to Buffett, calling him "one of a kind" in a post on X. "Countless people, myself included, have been inspired by his wisdom," Cook wrote.

A Legacy of Principled Leadership

Buffett, ranked by Bloomberg as the world’s fourth-wealthiest person with a 154 billion networth. He bought his first stock at age 11 and still lives in the same Omaha home hepurchased in 1958.

During the meeting, Buffett also weighed in on U.S. trade policy, criticizing 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’ve done," he said. "We should be looking to trade with the rest of the world."

The transition to Abel, who has overseen Berkshire’s non-insurance operations since 2018, signals a new chapter for the conglomerate. "I couldn’t be more humbled and honored to be part of Berkshire as we go forward," Abel said.