In a significant announcement at Berkshire Hathaway's annual meeting, Warren Buffett, the revered 94-year-old investor nicknamed the "Oracle of Omaha," disclosed he will retire as chief executive at the end of this year. Buffett declared his decision to transition leadership to Vice-Chairman Greg Abel, emphasizing, "I think the time has arrived where Greg should become the chief executive of the company at year end." The news prompted a standing ovation from the audience, estimated at around 40,000 attendees, with Buffett humorously remarking on the response's interpretation.
The announcement came as a surprise to Abel, who was seated beside Buffett at the event, and only Buffett's two children, Howard and Susie, were privy to the news prior to its public reveal. Buffett had chosen Abel as his successor four years ago, yet had not previously suggested he would retire soon.
Despite stepping down, Buffett assured his commitment to the company, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," a declaration that drew cheers from the audience.
Business leaders, including Apple CEO Tim Cook, lauded Buffett’s profound impact on the business world. Cook noted, "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It's been one of the great privileges of my life to know him."
Buffett has led Berkshire Hathaway in substantial investments across more than 60 companies such as Geico, Duracell, and Dairy Queen, while also holding major stakes in major corporations like Apple and Coca-Cola. Recently recognized as the fourth wealthiest individual globally by Bloomberg, Buffett is noted for his philanthropic endeavors, having donated billions to charity.
While the announcement marks a transition for the company, Buffett, who famously lives in the same modest home in Omaha, continues to champion global trade, criticizing protectionist policies and advocating for collaboration across international borders.
The announcement came as a surprise to Abel, who was seated beside Buffett at the event, and only Buffett's two children, Howard and Susie, were privy to the news prior to its public reveal. Buffett had chosen Abel as his successor four years ago, yet had not previously suggested he would retire soon.
Despite stepping down, Buffett assured his commitment to the company, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," a declaration that drew cheers from the audience.
Business leaders, including Apple CEO Tim Cook, lauded Buffett’s profound impact on the business world. Cook noted, "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It's been one of the great privileges of my life to know him."
Buffett has led Berkshire Hathaway in substantial investments across more than 60 companies such as Geico, Duracell, and Dairy Queen, while also holding major stakes in major corporations like Apple and Coca-Cola. Recently recognized as the fourth wealthiest individual globally by Bloomberg, Buffett is noted for his philanthropic endeavors, having donated billions to charity.
While the announcement marks a transition for the company, Buffett, who famously lives in the same modest home in Omaha, continues to champion global trade, criticizing protectionist policies and advocating for collaboration across international borders.
