Warren Buffett Announces Retirement as Berkshire Hathaway CEO

Berkshire Hathaway's iconic CEO Warren Buffett has confirmed his retirement plans during the company's annual meeting, indicating Greg Abel will succeed him as chief executive.

In a momentous announcement resonating through the investment community, Warren Buffett, often hailed as the "Oracle of Omaha," declared he will retire as CEO of Berkshire Hathaway at the close of this year. Buffett's decision, unveiled at the annual meeting in Omaha, Nebraska, marks the end of an era for the 94-year-old investor, who transformed Berkshire Hathaway from a struggling textile company into a $1.16 trillion investment powerhouse.

Buffett expressed confidence in his chosen successor, Greg Abel, who has been Vice-Chairman for the past four years. "I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett noted, revealing that the only people aware of his retirement decision were his children, Howard and Susie Buffett. Abel, who was seated next to Buffett during the announcement, appeared caught off guard by the news.

As always, Buffett maintained his characteristic sense of humor, prompting applause from an audience of around 40,000 investors. He assured them of his unyielding attachment to Berkshire's stocks, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away."

Tributes to Buffett's legacy poured in from fellow industry leaders, including Apple CEO Tim Cook, who praised him for his unparalleled contributions to business and inspired many through his wisdom. In a reflective moment earlier this year, Buffett acknowledged he was "playing in extra innings" but remained committed to the company that defines his life’s work.

Berkshire Hathaway, which operates over 60 subsidiaries including Geico and Dairy Queen, also holds significant stakes in major companies like Apple and Coca-Cola. Despite possessing vast wealth—recently ranked as the world's fourth-richest person by Bloomberg with a net worth of $154 billion—Buffett is known for his humility, residing in the same modest Omaha home for more than six decades.

In his parting comments, Buffett expressed concern about President Trump's tariffs, emphasizing the need for fair global trade relations. "It's a big mistake in my view when you have 7.5 billion people who don't like you very well," he remarked, advising the importance of global cooperation in business and trade.

As Buffett steps back from his leadership role, the investment landscape eagerly anticipates the future under Greg Abel's stewardship, while reflecting on the indelible mark left by Buffett's extraordinary career.