Warren Buffett Announces Retirement from CEO Role at Berkshire Hathaway
In a significant announcement during Berkshire Hathaway’s annual shareholder meeting held in Omaha, Nebraska, Warren Buffett revealed that he will step down as CEO of the conglomerate he has led for the past 60 years. At 94 years old, Buffett stated, “The time has arrived,” confirming that Greg Abel, who has long been seen as his potential replacement, is expected to take over the role by the end of this year.
Succession Plan and Surprises
Buffett shared that the decision was a surprise to most of Berkshire’s board, including Abel, indicating that only his children were informed prior to the meeting. “Greg doesn’t know I’m saying this right now,” he stated, underscoring the unexpected nature of the announcement.
Buffett’s Ongoing Role
While he will no longer hold the title of CEO, Buffett emphasized his intention to remain available in an advisory capacity as needed, ensuring a smooth transition for the company.
Impact of Buffett’s Leadership
Buffett’s departure signifies the conclusion of a transformative chapter for Berkshire Hathaway. Under his direction, the company transitioned from a struggling textile manufacturer to one of the largest and most diversified corporations in the U.S., boasting a market capitalization of nearly $1.2 trillion as of May 2025.
Personal Fortune
As the largest shareholder of Berkshire Hathaway, Buffett’s personal wealth is estimated at approximately $170 billion, according to Bloomberg.
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