Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, has officially announced his retirement, effective at the end of the year. Known as the Oracle of Omaha, Buffett made the announcement during the company's annual meeting, revealing that Vice-Chairman Greg Abel would take over leadership. Addressing a packed crowd of 40,000 attendees, Buffett stated, "I think the time has arrived where Greg should become the chief executive of the company at year end."
Buffett, who turned Berkshire Hathaway from a struggling textile firm into a trillion-dollar investment powerhouse, is often hailed as one of the most successful investors in history. The audience responded with enthusiastic applause, prompting a light-hearted comment from Buffett regarding the mixed interpretations of their reaction.
Only his two children, Howard and Susie, were aware of his decision prior to the announcement, leaving Abel seemingly surprised by the news. Buffett identified Abel as his successor four years ago but had not indicated at that time his retirement was forthcoming.
Despite stepping down, Buffett assured the audience he would retain his stock in the company, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away." This generated further cheers from attendees.
Tim Cook, CEO of Apple, was among many executives who took to social media to express admiration for Buffett, stating, "There's never been someone like Warren, and countless people, including myself, have been inspired by his wisdom." Cook further emphasized that Berkshire would be in capable hands with Abel.
In a 2023 letter, Buffett acknowledged he was "playing in extra innings," signaling that although he wasn't eager to retire, he recognized the time was nearing. Under his leadership, Berkshire Hathaway has acquired over 60 companies, including significant stakes in industry giants like Apple, Coca-Cola, and American Express. Despite his immense wealth, with a net worth of $154 billion, Buffett has lived a modest life in Nebraska for over 65 years.
During the meeting, Buffett also voiced his disapproval of trade tariffs, asserting that the U.S. should pursue global trade relationships rather than leverage trade as a weapon. "We should be looking to trade with the rest of the world," he proclaimed.
