Warren Buffett announces retirement as CEO of Berkshire Hathaway

Warren Buffett, the CEO of Berkshire Hathaway, announced his intention to retire at the end of the year during the company's annual meeting on May 3, 2025, in the United States. At 94 years old, Buffett revealed plans to pass the reins to Greg Abel, who has been part of the company since 2000 and is currently vice chair of non-insurance operations. Buffett has been preparing for this transition for many years, emphasizing Abel's capabilities as a leader. This significant decision came as a surprise to many, especially given Buffett's prior statements regarding his reluctance to retire unless incapacitated. In his address, Buffett did not shy away from commenting on current political and economic issues. He expressed his views on the Trump administration's tariffs, noting that trade should not be used as a weapon. His critique underscored his belief that a more open and balanced trade approach would benefit the nation as a whole. Despite his retirement plans, he assured that he plans to remain involved with the company and has no intention of selling his shares, which he plans to donate posthumously. Buffett's ongoing health was a focal point of his discussions, as he acknowledged using a cane but maintained he felt relatively well. Despite the retirement announcement, he received a substantial standing ovation, a testament to his decades of dedication and leadership at Berkshire Hathaway. The company's value now exceeds $1 trillion, largely due to Buffett's strategies since he took over in 1965. Buffett’s long-standing partnership with Charlie Munger, who recently passed away in 2023, has significantly shaped the company's trajectory. As Buffett moves toward retirement, he emphasizes the importance of a smooth transition of leadership. Greg Abel, expected to succeed him, has been part of this succession plan for several years. The Berkshire Hathaway annual meeting attracted attention from high-profile figures and thousands of attendees, underscoring the company's prominence in the economic landscape. As Buffett reflects on his legacy, he believes that with Abel at the helm, Berkshire's future remains bright, validating his decision to step down.