Warren Buffett, known around the world as the “Oracle of Omaha,” has said he will step down as chief executive of Berkshire Hathaway later this year. He made the announcement during the company’s annual meeting held in Omaha, Nebraska. At age 94, Buffett’s decision marks the end of an era in global finance.
Greg Abel to Take Over Leadership Role
Warren Buffett said Greg Abel, who currently serves as vice-chairman for Berkshire’s non-insurance businesses, will take over as CEO. The change will happen before the end of 2025. Abel has been seen as the likely successor for several years.
“I believe the moment has come for Greg to take over as CEO by year’s end,” Buffett told a crowd of about 40,000 attendees. The crowd responded with loud applause and a standing ovation.
Though Abel had been named successor back in 2021, the timing of Buffett’s announcement surprised many. Even Abel himself looked shocked when Buffett made the news public. Only Buffett’s two children, Howard and Susie, knew about the announcement beforehand.
Buffett’s Legacy at Berkshire Hathaway
Warren Buffett began running Berkshire Hathaway in 1965. At the time, it was a struggling textile business. Over the decades, he turned it into a company worth more than $1.16 trillion. It now owns or invests in over 60 companies, including Geico, Duracell, and Dairy Queen.
Buffett’s investing approach, based on value and long-term growth, has been studied by investors worldwide. Berkshire Hathaway’s stock has given investors massive returns over the decades.
The company also holds major stakes in Apple, Coca-Cola, Bank of America, and American Express. Buffett’s simple lifestyle, common-sense wisdom, and sharp business sense have made him a global icon.
Buffett to Remain Involved
While Buffett is stepping down as CEO, he confirmed that he will not sell any of his shares in the company. “I will not part with even one Berkshire Hathaway share. I intend to donate them all,” he said during the meeting.
He has already pledged to give away most of his wealth through donations, much of it to the Bill and Melinda Gates Foundation and other charitable groups. His giving has made him one of the world’s top philanthropists.
In a letter to shareholders last year, Buffett mentioned that he was in the “extra innings” of his leadership journey. Now, with Abel stepping in, Buffett says he feels confident the company is in safe hands.
Humble Beginnings to Financial Giant
Buffett’s life story has inspired many. He made his first money at age six, bought stock at eleven, and filed his first tax return at thirteen. Despite becoming one of the richest people in the world—he’s worth about $154 billion, according to Bloomberg—he still lives in the same house in Omaha that he bought in 1958.
He is known for his down-to-earth style and simple tastes. He drinks Coca-Cola, eats McDonald’s, and avoids luxury items. This humility has helped build trust with both investors and the public.
Thoughts on Trade and Leadership
During the meeting, Buffett spoke on wider economic issues as well. He criticized the use of tariffs, especially those used during Donald Trump’s presidency.
“Thinking that 300 million Americans can act alone while alienating 7.5 billion people is foolish,” he said. He urged U.S. leaders to build trade partnerships and think globally. Buffett believes strong trade relations are better than protectionism.
He said countries should focus on what they do best and work with others to grow together. Buffett warned that turning away from the world could damage the U.S. economy and its global reputation.
Looking Ahead with Greg Abel
Greg Abel, 61, has worked with Berkshire for over two decades. He has managed many of its major businesses and earned Buffett’s trust. Abel is seen as thoughtful, hardworking, and loyal.
Many investors and board members believe he is the right person to take over. Though he will bring his own style to the role, Abel has promised to follow the core values that made Berkshire successful.
The leadership change marks a big shift, but the company says it will remain committed to Buffett’s principles. Abel’s focus will likely include finding new investment chances and keeping Berkshire’s strong reputation.
Final Words from Buffett
As Buffett addressed the crowd, he showed no signs of regret. Instead, he shared his joy at having led the company for so long and his pride in what it had become.
“I’ve had the best job in the world,” Buffett said. “Now it’s Greg’s turn.”