After nearly six decades at the helm of Berkshire Hathaway, legendary investor Warren Buffett has announced he will step down as chief executive at the end of the year. At 94, the man affectionately known as the “Oracle of Omaha” shared the surprise news during the company’s annual shareholder meeting in Omaha, Nebraska — an event that draws tens of thousands each year.
"The time has come," Buffett told the 40,000-strong crowd, revealing that Vice Chairman Greg Abel will assume leadership of the $1.16 trillion conglomerate. The crowd responded with a standing ovation, prompting Buffett to quip, "The enthusiasm shown by that response could be interpreted in two ways."
Though Mr. Abel had long been named as Buffett’s eventual successor, even he seemed taken aback by the public announcement. "He didn’t know this was coming today," Buffett said with a smile.
Buffett’s decision marks the end of an extraordinary era. Starting with a struggling textile company, he transformed Berkshire Hathaway into one of the most formidable forces in global finance, with holdings that include Geico, Duracell, Dairy Queen, and significant shares in Apple, Coca-Cola, and American Express.
Despite stepping back from the CEO role, Buffett made it clear he’s not cashing out. "I have no intention—zero—of selling even a single share of Berkshire Hathaway. It will all be given away," he affirmed, reaffirming his long-standing philanthropic commitment.
Among those paying tribute to Buffett was Apple CEO Tim Cook, who wrote on X (formerly Twitter), "There’s never been someone like Warren. It’s been one of the great privileges of my life to know him. And there’s no question that Berkshire is in great hands with Greg."
Buffett, who still lives in the same Omaha home he bought in 1958, has been gradually preparing for this transition. In a 2023 letter, he hinted that while he wasn't eager to step down, he was “playing in extra innings.”
His financial journey began early—earning money at six, investing at 11, and filing taxes by age 13. Today, he ranks as the world’s fourth-richest person, with a net worth of $154 billion.
True to his candid style, Buffett also used the meeting to caution against protectionist policies, criticizing former President Donald Trump's tariff strategies. “We should not use trade as a weapon," he warned. "We should do what we do best, and let others do what they do best.”
As Buffett prepares to pass the baton, his legacy remains not just one of financial mastery, but of principled leadership, frugality, and an unwavering belief in long-term value.