The world's fifth-richest person and legendary investor Warren Buffett has shocked everyone by suddenly announcing his decision to step down from the CEO position of his company, Berkshire Hathaway. At the age of 94, the billionaire revealed that it was time to hand over the responsibilities of the company to someone else. During the company's annual meeting, he shared the news of his retirement, stating that the time had come, and he would retire by the end of this year.
The announcement took place on Saturday in Omaha during Berkshire Hathaway's annual meeting, where Buffett addressed the crowd and said, "I think the time has arrived when the company should have a new CEO by the end of the year." This means that Warren Buffett will step down from Berkshire Hathaway by the end of 2025, and a new CEO will take charge. His retirement announcement stunned the more than 40,000 investors present at the meeting, but they gave him a standing ovation in support.
Along with his retirement announcement, Buffett also revealed the identity of his successor, ending the suspense around the company's future leadership. He confirmed that Greg Abel, the 62-year-old Vice Chairman of Berkshire Hathaway, will take over as CEO. Abel, who has been with the company since 1992 and has led non-insurance businesses since 2018, was nominated as Buffett's successor in 2021. During the meeting, Abel expressed his gratitude, stating, “I just want to say I couldn't be more humbled and honored to be part of Berkshire as we go forward,”.