After more than six decades of extraordinary leadership and entrepreneurial vision, Warren Buffett has announced that he will step down as CEO of Berkshire Hathaway at the end of the year.
The announcement came directly from the legendary investor during his company’s annual shareholders meeting, in front of an audience of about 40,000 people.
The moment marked the symbolic end of an era. Buffett, 94, stated that the time had come to hand over the reins to his right-hand man, Vice Chairman Greg Abel. He explained that, in his view, Abel is ready to take over and calmly emphasized that the transition is now fully matured. Abel, seated next to him on stage, appeared visibly surprised by the announcement.
Buffett revealed that the only people who had been aware of his decision were his two children, Howard and Susie. In fact, the billionaire had already named Abel as his successor four years ago, though he had never given any clear sign of stepping down in the short term.
Despite stepping back from his role, the business magnate reassured investors that he will not sell any of his Berkshire shares. He firmly stated that he has absolutely no intention of parting with them and that his holdings will eventually be donated. The crowd responded with a long round of applause, to which Buffett replied with a joke, noting that the enthusiasm could be interpreted in more than one way.
During the meeting, the entrepreneur also addressed issues of trade policy, criticizing the use of tariffs as a weapon. He warned that isolating the United States from global commerce would be a strategic mistake, arguing that each country should focus on what it does best and collaborate in an interconnected global economy.
The news quickly spread around the world, drawing statements of admiration from numerous international leaders. Tim Cook, CEO of Apple, paid tribute to Buffett, stating that he had been an inspiration to millions, including himself, thanks to his wisdom. Cook also expressed confidence in Abel’s future leadership, calling the succession a natural and solid transition.
Buffett built Berkshire Hathaway from the remains of a struggling textile company, transforming it into a global giant worth over $1.16 trillion, with holdings in more than 60 companies including Geico, Duracell, and Dairy Queen, as well as major stakes in Apple, Coca-Cola, Bank of America, and American Express.
In 2023, the billionaire had already published a rare letter to shareholders in which, while stating he had no desire to retire, he also acknowledged that he was playing in the “extra innings” of his career. That reflection has now taken tangible form.
A legendary figure in the American economy, the visionary businessman has always led a peculiarly modest lifestyle despite being among the wealthiest people on the planet for decades. To this day, he still lives in the same Omaha, Nebraska house he bought more than 65 years ago, and he has donated billions to charity—cementing a reputation that goes far beyond financial success.
