Warren Buffett, one of the most iconic figures in global finance, announced Saturday that he will retire as chief executive of Berkshire Hathaway at the end of 2025, ending an extraordinary era at the investment powerhouse he spent decades building.
Speaking at the company’s annual shareholder meeting, the 94-year-old billionaire said Vice-Chairman Greg Abel would take over the leadership role.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett told a packed arena of roughly 40,000 investors and fans.
The surprise announcement drew a standing ovation, prompting Buffett to quip, “The enthusiasm shown by that response could be interpreted in two ways,” drawing laughter from the crowd.
Buffett’s succession plan has long been the subject of speculation. Although he named Abel as his likely successor four years ago, there had been no signal until now that he was ready to hand over control. Abel, seated beside Buffett on stage, appeared visibly surprised by the public declaration.
Buffett revealed that only his two children, Howard and Susie, were aware of his retirement decision in advance. Despite stepping down from the top job, he confirmed he would not be selling any of his shares in the conglomerate.
“I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away,” he said, reaffirming his ongoing commitment to philanthropy.
The announcement marked the close of a storied chapter for a man who transformed Berkshire from a struggling textile firm into a $1.16 trillion investment giant, holding major stakes in companies like Apple, Coca-Cola, Bank of America, and American Express. It also owns a vast array of businesses, including Geico, Dairy Queen, and Duracell.
Reactions from the business community poured in swiftly. Apple CEO Tim Cook called Buffett a one-of-a-kind figure whose wisdom has inspired generations. “There’s never been someone like Warren,” Cook said in a social media post. “There’s no question that Warren is leaving Berkshire in great hands with Greg.”
Buffett, who began earning money at the age of six and filed his first tax return at 13, has long been known for his frugality and discipline, living in the same Omaha home he bought more than 65 years ago. Despite amassing a fortune recently estimated at $154 billion by Bloomberg, he has given away tens of billions to philanthropic causes.
In 2023, Buffett acknowledged in a rare letter that he was “playing in extra innings,” hinting at his awareness of the time left in his professional life.
The meeting also saw Buffett take a clear stance on global trade, criticizing protectionist policies and warning against the use of tariffs as leverage. “We should be looking to trade with the rest of the world,” he said. “We should do what we do best and they should do what they do best.”
As the Oracle of Omaha prepares to step aside, his legacy remains deeply etched into the fabric of American capitalism — a symbol of patience, prudence, and unparalleled investment insight.
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