Warren Buffett Announces Retirement as Berkshire Hathaway CEO

In a surprise announcement at the annual meeting, Buffett will pass leadership to Greg Abel while expressing his commitment to the company and his philanthropy.

Warren Buffett, 94, declared his retirement from the position of chief executive of Berkshire Hathaway, effective at the end of this year, during the company's annual meeting. The legendary investor, often hailed as the Oracle of Omaha, indicated that he would pass the leadership baton to Vice-Chairman Greg Abel. "I think the time has arrived where Greg should become the chief executive of the company at year end," stated Buffett, who transformed Berkshire Hathaway from a struggling textile company into a colossal investment firm now valued at $1.16 trillion (£870 billion).

His announcement garnered an appreciative standing ovation from the audience of around 40,000 attendees, after which he lightheartedly noted, "The enthusiasm shown by that response could be interpreted in two ways." Interestingly, the only individuals aware of his decision prior were his two children, Howard and Susie Buffett, while Abel appeared to be taken aback by the news. Buffett had strategically chosen Abel as his successor four years earlier but had given no hints of his retirement plans until now.

During the meeting held in Omaha, Nebraska, Buffett emphasized that he has no intention to sell any of his Berkshire stocks, declaring, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," which was met with cheers from the crowd. Business moguls, including Apple CEO Tim Cook, quickly shared their admiration for Buffett’s legacy on social media. Cook noted, "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom."

Previously, in a rare letter written in 2023, Buffett had expressed that although he had no plans to retire, he recognized he was "playing in extra innings." Berkshire Hathaway has acquired over 60 companies, including popular brands like Geico, Duracell, and Dairy Queen, along with significant shares in major corporations such as Apple, Coca-Cola, and Bank of America.

Despite his immense wealth, ranked as the world's fourth-richest person with a net worth of $154 billion according to Bloomberg, Buffett maintains a modest lifestyle, living in the same house in Omaha for over six decades. The announcement came shortly after Buffett criticized President Donald Trump’s trade policies, urging a more cooperative approach to global trade. "We should be looking to trade with the rest of the world," he argued during the meeting, underscoring his belief in collaboration over conflict.