Warren Buffett, 94, shocked shareholders when he announced that he would retire as CEO of Berkshire Hathaway by the end of 2025.
Warren Buffett, one of the world's most respected businessmen, announced that he will resign as CEO of Berkshire Hathaway by the end of 2025. The decision marks the end of an incredible 55-year journey to lead the company. Buffett was the longest-serving CEO of any S&P 500 at the age of 94, and his leadership has made Berkshire Hathaway one of the most successful businesses in the world.
Buffett shared this big news at the company’s annual shareholder meeting, which surprised a large audience of more than 40,000 people. Apple CEO Tim Cook and Hillary Clinton were present, including many investors, fans and even celebrities. Buffett's retirement announcement was followed by loud cheers and standing ovations from the crowd, especially when he mentioned who would take over the company.
He revealed that he would recommend Berkshire Hathaway vice-chairman Greg Abel as his successor. Buffett joked, saying, “The enthusiasm shown by this reaction can explain two ways. But I'll do it well,” causing the crowd to smile and applaud again.
He ended the meeting with another humorous comment: “I hope not only you come next year, but I hope I come next year,” his usual charm and wit.
Buffett hasn't explained why he chose to retire now, especially because he kept saying he had no plans to step down. But many believe that ensuring a company is in good shape is a well-thought-out decision.
With Greg Abel expected to take over, investors are now looking forward to a new chapter in Berkshire Hathaway’s history, while remembering and appreciating Warren Buffett’s legendary contributions.
