OMAHA, Neb. — In a move that stunned thousands of shareholders packed into the CHI Health Center on Saturday, Warren Buffett announced that he plans to step down as CEO of Berkshire Hathaway at the end of the year, ending a legendary 60-year run at the helm of one of the world’s most influential conglomerates.
Buffett, 94, said he will recommend Vice Chairman Greg Abel, long considered his successor, to take over as Chief Executive Officer in 2025. “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end,” Buffett said quietly, at the conclusion of a five-hour Q&A session, offering no opportunity for follow-up questions. Abel, seated beside him on stage, appeared surprised.
Only Buffett’s children, Howard and Susie, were informed ahead of time, underscoring the deeply personal nature of a decision Buffett has deferred for years. Though Abel already oversees all noninsurance businesses within Berkshire, most observers had assumed the transition would only occur after Buffett’s death.
Buffett’s endorsement of Abel was unequivocal: “I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually… 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.”
The arena erupted into a prolonged standing ovation, a tribute to a man who turned a struggling textile firm into a global empire encompassing insurance, railroads, energy, retail, and more — all with an eye for value and patience.
A difficult but timely farewell
Analysts say the timing may reflect Buffett’s desire to ensure a smooth transition on his own terms. “This was probably a very tough decision for him, but better to leave on your own terms,” said Cathy Seifert of CFRA Research. “There will likely be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.”
Investor confidence in Abel remains strong, though questions persist about whether he can match Buffett’s investment acumen, particularly in deploying Berkshire’s current $347.7 billion cash reserve. Buffett admitted he hasn’t seen many attractive opportunities in today’s markets and hasn’t repurchased any Berkshire shares this year.
Buffett warns of global instability under Trump tariffs
In a separate and notably sharp departure from recent years, Buffett used part of the meeting to criticize former President Donald Trump’s tariff-driven trade policies, calling them potentially destabilizing to global peace.
“Trade should not be a weapon,” Buffett said, warning that turning trade into a tool of pressure could backfire. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.”
While he reaffirmed his optimism in America’s long-term future, Buffett argued that prosperity comes through cooperation. “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.”
A farewell era draws near
The announcement marks the beginning of a historic transition for Berkshire Hathaway. Shareholders like Linda Smith, who first learned about Buffett decades ago from his sister Doris, expressed both gratitude and nostalgia. Now 73, Smith has attended 20 shareholder meetings. “I really like to listen to Warren Buffett — particularly this year with everything that has happened,” she said.
Others, like investor Steven Check, voiced confidence in Abel’s leadership. “I think we’ll get a more hands-on manager and that could be a good thing,” Check said, adding that Abel understands the value of letting Berkshire’s managers run their businesses independently.
Buffett’s legacy looms large — not just in balance sheets, but in philosophy. As shareholder Haibo Liu, who traveled from China to attend, put it: “He has helped me a lot. I really want to express my thanks to him.”
As one era ends and another begins, shareholders remain hopeful — even as they prepare to say goodbye to the Oracle of Omaha’s steady hand.
