In a landmark announcement that marked the end of a legendary era in American business, Warren Buffett declared his retirement as CEO of Berkshire Hathaway during the company’s annual shareholders meeting in Omaha. The 94-year-old investing titan, who has led the firm since 1965, surprised the crowd by revealing he would step down by the end of the year and recommended Greg Abel, vice chairman of non-insurance operations, as his successor.
Buffett’s quiet but powerful revelation came at the close of a nearly five-hour Q&A session. Only his children, board members Howard and Susie Buffett, were informed in advance. Even Abel, seated beside him on stage, had no prior notice. The surprise led to a mix of shock and admiration from the 40,000 attendees, who responded with a standing ovation.
Buffett reassured shareholders that his confidence in Berkshire’s future remains intact. “I have no intention—zero—of selling one share of Berkshire Hathaway. I will give it away eventually,” he said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Greg Abel Steps Into the Spotlight
Abel, long viewed as Buffett’s heir apparent, stepped up shortly after to lead the meeting’s formal proceedings. “I couldn’t be more humbled and honored,” he said, acknowledging the weight of filling Buffett’s shoes. As CEO, Abel will now oversee all of Berkshire’s vast operations, including the insurance and investment arms previously overseen directly by Buffett.
Though Abel does not have the same market-shaping presence as Buffett, his deep operational experience and hands-on management style have earned widespread respect. Still, some analysts voiced concern about whether he could replicate Buffett’s famed capital allocation prowess. “No one will give him Buffett or Munger’s pass card,” said Cole Smead of Smead Capital Management.
Tributes Pour in from Business Leaders
Following the announcement, tributes flooded in from global business leaders. Microsoft cofounder Bill Gates called Buffett “one of the greatest CEOs ever” and praised his wisdom, integrity, and philanthropic spirit. Apple CEO Tim Cook described Buffett as irreplaceable and expressed confidence in Abel’s leadership. JPMorgan Chase CEO Jamie Dimon lauded Buffett’s embodiment of American capitalism, while Bank of America’s Brian Moynihan called his career “unparalleled.”
Other voices from Wall Street echoed similar admiration. Billionaire investor Bill Gross praised Buffett’s long-term vision, particularly in leveraging insurance premiums into high-return investments. CNBC host Jim Cramer declared Buffett the “only G.O.A.T.” of investing, while Oaktree Capital’s Howard Marks likened him to “the Isaac Newton of investing.”
A Legacy That Will Endure Beyond the Market
Buffett leaves behind a monumental legacy. Under his leadership, Berkshire Hathaway delivered a compounded annual return of 19.9%, nearly double the S&P 500’s 10.4% over the same time. His investment decisions have long influenced global markets, and his disciplined, value-oriented approach became the gold standard for generations of investors.
Despite recent criticisms of U.S. trade policies—particularly his rebuke of using tariffs as weapons—Buffett remains confident in the strength of the American economy. With Berkshire holding $347.7 billion in cash and avoiding overpriced stock buybacks, the company stands poised for long-term resilience.
As Buffett transitions out of daily operations, his imprint on business, philanthropy, and leadership will continue to resonate. As investor Seth Klarman noted, “There will be no other like him.”
