Warren Buffett Announces Retirement as Berkshire Hathaway CEO

Buffett, 94, widely regarded as a legendary investor, shared his retirement plans at the company's annual meeting, emphasizing his confidence in his successor while reaffirming his commitment to philanthropy and global trade.

Warren Buffett, the 94-year-old investment titan known as the Oracle of Omaha, has officially announced that he will retire from his position as the chief executive of Berkshire Hathaway at the end of this year. Addressing attendees at the company's annual meeting held in Omaha, Nebraska, he disclosed his decision to hand leadership over to the 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, reflecting on his long tenure that transformed Berkshire Hathaway from a struggling textile manufacturer into a massive investment powerhouse with a market valuation of $1.16 trillion (£870 billion).

The announcement met with a warm round of applause from the audience of approximately 40,000, and the revered investor humorously noted, “The enthusiasm shown by that response could be interpreted in two ways.” Significantly, Buffett indicated that the news had been kept confidential until now, known only to his two children, Howard and Susie Buffett. Intriguingly, Greg Abel, who appeared on stage beside Buffett, seemed unprepared for the announcement.

Buffett had previously named Abel as his successor four years ago but had not signaled that retirement was imminent. The Berkshire Hathaway chairman reassured shareholders that he has no plans to liquidate any of his shares, expressing instead that he intended for them to be given away, to the cheers of the crowd.

Among those praising Buffett's monumental legacy was Apple CEO Tim Cook, who took to X/Twitter to express admiration for Buffett's wisdom and leadership: “There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom… Warren is leaving Berkshire in great hands with Greg.”

This year marked a rare acknowledgment from Buffett regarding his advancing age. In a statement, he reflected on his longevity in the industry, asserting that while he had no desire to retire, he is aware he is "playing in extra innings.” Under his stewardship, Berkshire Hathaway has expanded to encompass over 60 companies, including Geico, Duracell, and Dairy Queen, alongside significant investments in major corporations like Apple, Coca-Cola, Bank of America, and American Express.

Buffett's monumental impact has extended beyond the financial realm; he is known for his charitable contributions, having given away billions throughout his life. Despite his immense wealth—ranked by Bloomberg as the fourth richest person worldwide with a net worth of $154 billion—Buffett continues to reside in the same modest home in Omaha, Nebraska, for over 65 years.

Moreover, during the meeting, Buffett addressed political matters, cautioning against President Donald Trump's tariffs and advocating for a more collaborative global trade approach. “It's a big mistake in my view when you have 7.5 billion people who don't like you very well,” he stated, stressing the need for productive international trade relations, emphasizing the importance of focusing on the strengths of various nations.

With Buffett’s retirement, the investment community watches closely to see how Greg Abel will navigate the lasting legacy of his mentor.