Warren Buffett to Retire as CEO of Berkshire Hathaway, Greg Abel Named Successor

Hadisur Rahman, Jadetimes Staff   

H. Rahman is a Jadetimes news reporter covering Business

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Image Source: Getty Images

Warren Buffett, the legendary investor known as the "Oracle of Omaha," has officially announced his retirement as Chief Executive Officer of Berkshire Hathaway, effective at the end of this year. The 94-year-old made the surprise declaration during the company’s annual shareholder meeting in Omaha, Nebraska, before an audience of approximately 40,000 people.

Buffett revealed that Vice-Chairman Greg Abel will succeed him as CEO, a move he confirmed had only been shared privately with his children, Howard and Susie Buffett. “I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett said, drawing a lengthy standing ovation. He then quipped, “The enthusiasm shown by that response could be interpreted in two ways.”

Abel, who has overseen Berkshire Hathaway’s non-insurance operations and was handpicked by Buffett as heir apparent in 2021, appeared visibly surprised by the timing of the announcement.

Despite stepping down as CEO, Buffett reassured shareholders he has no plans to part with his holdings in the conglomerate. “I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away,” he said, reaffirming his philanthropic commitment.

Buffett’s influence on the business world spans decades. Under his leadership, Berkshire Hathaway evolved from a struggling textile manufacturer into a $1.16 trillion investment powerhouse, with holdings in more than 60 companies including Geico, Duracell, and Dairy Queen, as well as major equity stakes in Apple, Coca-Cola, Bank of America, and American Express.

Business leaders across industries responded with admiration. Apple CEO Tim Cook praised Buffett on social media, saying, “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom… There’s no question that Warren is leaving Berkshire in great hands with Greg.”

In a rare personal reflection shared last year, Buffett acknowledged his long career was in “extra innings,” hinting at a possible transition but giving no firm timeline until now.

A frugal billionaire known for his modest Omaha home and sharp investment insight, Buffett’s retirement marks the end of a remarkable era in American business. Ranked by Bloomberg as the world’s fourth-richest person with a net worth of $154 billion, Buffett also used his platform on Saturday to criticize U.S. trade policy, warning against isolationism.

“We 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,” he remarked, voicing opposition to protectionist tariffs.

As the investment world bids farewell to one of its most iconic figures, Berkshire Hathaway now looks ahead to a new chapter under the leadership of Greg Abel, a longtime lieutenant and trusted confidant of Buffett.