Omaha, Nebraska – Warren Buffett, the legendary investor known widely as the “Oracle of Omaha,” has announced his decision to step down as the chief executive of Berkshire Hathaway at the close of the year. At 94 years old, Buffett shared the news during his company’s annual meeting held on Saturday in Omaha.
He informed the audience, estimated at around 40,000 people, that he would be handing over the leadership reins to Vice-Chairman Greg Abel.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett stated.
While Mr. Buffett had previously handpicked Mr. Abel as his successor four years ago, he had not indicated at that time that he intended to retire. Notably, the announcement appeared to catch Mr. Abel, who was seated next to Mr. Buffett on stage, unaware. Buffett mentioned that the only individuals who had known about his decision beforehand were his two children, Howard and Susie Buffett. The announcement was met with a standing ovation from the audience.
Warren Buffett has built Berkshire Hathaway from what was initially described as a failing textile maker into an investment juggernaut currently valued at $1.16 trillion (£870bn). He is widely regarded as arguably the world’s most successful investor. Berkshire Hathaway’s vast portfolio includes ownership of over 60 companies, such as insurer Geico, battery-maker Duracell, and restaurant chain Dairy Queen. Additionally, the company holds major stakes in prominent corporations like Apple, Coca-Cola, Bank of America, and American Express, among others.
Despite his significant wealth – he was recently ranked by Bloomberg as the world’s fourth-wealthiest person with a net worth of $154 billion – Mr. Buffett is known for his relatively modest lifestyle. He has reportedly lived in the same house in Omaha for over 65 years. He began earning money at the age of six, purchased his first shares at 11, and filed his first tax return at 13. Buffett has also been a major philanthropist, having given away billions to charity.
Regarding his future plans, Mr. Buffett stated during the meeting that he has
“no intention, zero, of selling one share of Berkshire Hathaway.”
He added that his shares “will get given away.”
News of his impending retirement drew reactions from other business leaders.
Apple CEO Tim Cook was among those who praised Mr. Buffett’s legacy, writing that
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom.”
Cook also expressed confidence that Berkshire is being left “in great hands with Greg.”
Mr. Buffett himself had acknowledged in a rare letter in 2023 that while he had no desire to step down, he felt he was “playing in extra innings.”
Beyond the succession news, Mr. Buffett also used the platform during the meeting to address current economic issues. He notably spoke out against President Donald Trump’s tariffs, expressing the view that the US should not use
“trade as a weapon.”
He called it “a big mistake” and argued that the US should be
“looking to trade with the rest of the world,”
with each country focusing on what they do best.
