Warren Buffett, the legendary investor who transformed Berkshire Hathaway from a struggling textile company into a global conglomerate, announced Saturday that he will step down as CEO at the end of the year. The 94-year-old billionaire made the surprise declaration during the company’s annual shareholders meeting in Omaha, Nebraska, signaling the end of an era that has spanned more than 60 years.
Buffett, known as the “Oracle of Omaha,” had long insisted that he would continue working until death or incapacitation. However, he told the more than 40,000 shareholders in attendance that the time had come for a change in leadership. “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end,” Buffett stated, referring to longtime lieutenant Greg Abel. “I want to spring that on the directors effectively, and then get that as my recommendation. I think they’ll be unanimously in favor of it.”
Buffett added that only two board members—his children Howard and Susie—were aware of his decision before the announcement. Abel, who was seated next to him during the five-hour Q&A session, appeared visibly surprised, indicating he had not been informed beforehand.
Greg Abel Poised to Lead Berkshire Into the Future
Greg Abel, 61, will become the new CEO of Berkshire Hathaway in 2025, assuming a role Buffett has held since 1965. Abel, who currently oversees all of Berkshire’s non-insurance businesses, has long been considered Buffett’s successor, though many assumed the transition would only come after Buffett’s passing.
“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel told shareholders after taking the stage solo for the formal business meeting, which followed Buffett’s announcement. Abel, a Canadian-born executive known for his calm demeanor and operational expertise, joined Berkshire in 2000 when the firm acquired MidAmerican Energy (now Berkshire Hathaway Energy), where he served as CEO.
While Abel’s ascension ends speculation over succession, questions remain about how he will fill the enormous shoes of a man widely considered the most successful investor in history. Still, Buffett offered full confidence in Abel, signaling that he believes the company’s best days could still be ahead.
No Shares Sold: Buffett Reaffirms Faith in Berkshire’s Future
Despite stepping down from the top job, Buffett made it clear that his confidence in Berkshire Hathaway remains unshaken. “I have no intention—zero—of selling one share of Berkshire Hathaway,” he told the audience, many of whom have been loyal shareholders for decades. “It will get given away, gradually. The decision to keep every share is an economic decision, because I think the prospects of Berkshire will be better under management than mine.”
Buffett’s reassurance is likely to ease investor concerns about potential sell-offs or instability during the transition. He has long pledged to give away nearly all of his wealth to philanthropic causes, primarily through the Bill and Melinda Gates Foundation.
The company’s cash reserves, now totaling a staggering $347.7 billion, also remain intact. Buffett explained that he simply hasn’t found enough attractively priced investments that meet his standards. “But one day,” he added confidently, “Berkshire will be bombarded with opportunities that we will be glad we have the cash for.”
Buffett Criticizes Trump-Era Tariffs, Urges Global Cooperation
During the meeting, Buffett also took time to address a pressing geopolitical issue: tariffs and trade. Without directly naming Donald Trump, Buffett warned that America’s use of trade restrictions as political weapons could backfire and alienate the global community. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he said.
He emphasized the importance of international cooperation and mutual prosperity, stating, “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.” The 94-year-old remarked that the world will be safer if more nations are economically successful.
Buffett remains optimistic about America’s long-term potential, despite what he called its “revolutionary” changes. “If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” he joked, drawing laughter and applause from attendees.
Thousands Flock to Say Goodbye: A Farewell for the Ages
Saturday’s shareholders meeting was one of the most emotionally charged in Berkshire’s history. Investors from around the world, including China, braved long lines and overnight waits to see Buffett—possibly for the last time in his role as CEO. Among them was Haibo Liu, who camped outside the arena to be first in line. “He has helped me a lot,” Liu said, his voice tinged with emotion. “I really want to express my thanks to him.”
The meeting attracted not just devoted investors, but also prominent public figures. Hillary Rodham Clinton, whom Buffett backed during her 2016 presidential campaign, was in attendance. Her presence underscored Buffett’s influence, not only in the financial world but also in American public life.
For many, the event marked the close of a remarkable chapter in business history. While Berkshire Hathaway moves into a new era under Greg Abel, Warren WARREN’s legacy—as a steward of value investing, a philanthropist, and a symbol of American capitalism—remains firmly intact.
