Warren Buffett Announces Retirement as CEO of Berkshire Hathaway

In a historic announcement made during Berkshire Hathaway's annual meeting, Warren Buffett revealed that he will retire as chief executive at the end of this year, handing over the leadership to Vice-Chairman Greg Abel. Known as the "Oracle of Omaha," the 94-year-old Buffett has transformed Berkshire Hathaway from a struggling textile manufacturer into a powerhouse with a market value of $1.16 trillion. The announcement was met with a warm standing ovation from an audience of around 40,000 attendees in Omaha, Nebraska. Buffett noted the timing felt right for Abel to take over the top position, a move he first contemplated during his 2023 letter to shareholders, in which he acknowledged being in the "extra innings" of his career.

Buffett humorously remarked about the audience's enthusiastic response, suggesting it could be interpreted in two different ways. In a significant moment, he mentioned that only his two children were privy to his retirement plans, while Abel, seated beside him, appeared taken by surprise at the announcement. Buffett emphasized he has no intention of selling his Berkshire Hathaway shares, stating they would be given away instead. His affirmation of faith in Abel has been echoed by business leaders, including Apple CEO Tim Cook, who commended Buffett's unparalleled legacy. Buffet's investment prowess has seen him maintain a modest lifestyle, residing in the same Omaha home for over 65 years, despite his ranking as one of the world’s wealthiest individuals. As Berkshire Hathaway continues to thrive, Buffett critiqued current trade policies, advocating for a cooperative global trade approach during the meeting.