Warren Buffett, at the age of 94, has officially declared his intention to retire as the chief executive of Berkshire Hathaway by the end of this year. Commonly referred to as the Oracle of Omaha, Buffett made the announcement during the company’s annual meeting in Omaha, Nebraska, where he expressed his confidence in Vice-Chairman Greg Abel to lead the organization moving forward. He stated, "I think the time has arrived where Greg should become the chief executive of the company at year end."
The announcement drew enthusiastic applause from the audience of approximately 40,000 attendees, leading to a light-hearted quip from Buffett. "The enthusiasm shown by that response could be interpreted in two ways," he joked. In a surprising twist, it appeared that Abel, who has been groomed for this role since Buffett chose him as his successor four years ago, was taken aback by the revelation.
Buffett also reassured the audience that he intends to maintain his holdings in Berkshire, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away." His words were met with cheers from the crowd.
Business luminaries, including Apple CEO Tim Cook, lauded Buffett's unparalleled impact in the investment world. "There's never been someone like Warren," Cook expressed on social media, highlighting Buffett’s wisdom and ability to inspire.
Having built Berkshire Hathaway from a struggling textile company into an investment behemoth worth $1.16 trillion, Buffett has made a significant mark on the business landscape. The conglomerate owns over 60 companies, including Geico, Duracell, and Dairy Queen, and boasts substantial stakes in Apple, Coca Cola, Bank of America, and American Express.
Despite his wealth, which ranks him as the fourth-richest person globally with a net worth of $154 billion according to Bloomberg, Buffett continues to reside in the same humble home in Omaha where he has lived for more than 65 years. Prior to the retirement announcement, he reflected on his lengthy career, asserting that although he has no desire to step down, he feels as if he is “playing in extra innings.”
Buffett's speech also touched on geopolitical matters, emphasizing the importance of international trade, particularly as he critiqued the tariffs imposed during the Trump administration. "It's a big mistake in my view when you have 7.5 billion people who don't like you very well," he commented during the meeting, urging for a more collaborative global stance in trade.
