After 55 years, Warren Buffett is stepping down as CEO of Berkshire Hathaway, announcing his departure on Saturday.
The 94-year old multibillionaire dropped the bombshell during the conclusion of his remarks at his annual shareholder meeting in Omaha, noting that he will resign at the end of the year, upon which Greg Abel will succeed him after being groomed for the role since 2021.
He told the audience, “Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end.”
Buffett plans to keep his $160 billion in shares and “hang around” and “be helpful” with the conglomerate, which he bought as a textile mill in 1965, explaining that he thinks “the prospects of Berkshire will be better” under Abel’s
Earlier in his speech, Buffett reasoned that “trade should not be a weapon,” adding that the United States “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.”
Although Buffett did not directly mention Donald Trump, he denounced the global trade ward that has resulted from the administration’s tariffs and policies. Trump has announced major tariffs for every country around the world, before pausing them for 90 days to pursue separate trade deals with nation.
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