Berkshire Hathaway CEO, Warren Buffett, to Relinquish Position by End of Year
Rolling the Dice on a Legendary Gambler: Warren Buffett Steps Down
Yep, that's right. Warren Buffett, the 94-year-old CEO of Berkshire Hathaway (BRK.A, BRK.B), the humble textile company he turned into a colossal conglomerate, has dropped the bombshell. In a shocking announcement at his annual shareholder meeting in Omaha, Nebraska on Saturday, he declared that he'd be hitting the retirement jackpot at the end of this year.
For millions of shareholders worldwide, it was an announcement that had been looming on the horizon,/yet still a bitter pill to swallow.
While Buffett has been gradual about relinquishing the reins of power, delegating the day-to-day operations to Greg Abel and Ajit Jain, he and the late Charlie Munger, Berkshire’s former vice chair who breathed his last in 2023, have been the bedrock of the company for decades.
Buffett tossed his hat in the ring, asking Berkshire shareholders to anoint the 62-year-old Abel, a twenty-five-year Berkshire veteran, as his successor.
“Buffett is the epitome of legacy. He speaks his mind, empowers others, and knows when it's time to hand the reins,” said Elaine King, a financial planner from Miami, who was present at the meeting. "He has imparted valuable life lessons through his leadership."
Since Buffett took the helm of Berkshire in 1965, the company's shares have raked in around 20% annually through the end of 2024, dwarfing the S&P 500's average annual gain of just over 10%, including reinvested dividends.[1]
The news sent shockwaves, sparking a flurry of discussions about Buffett's astronomical legacy as an investor and executive, eclipsing Berkshire's earnings report. For those curious about the company's financials, Investopedia has got you covered with its comprehensive coverage of Berkshire's results. If you're intrigued by Buffett's thoughts on international trade, we've got you covered there too. Curious about the key takeaways from Berkshire's meeting? Check our coverage for all the deets.
This article has been revamped to include additional context and background.
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[1] https://www.investopedia.com/berkshire-hathaway-2025-annual-meeting-preview-4705874[2] https://www.investopedia.com/articles/investing/122116/buffetts-10-rules-investing.asp[3] https://www.reuters.com/world/us/warren-buffett-to-step-down-as-berkshire-hathaway-ceo-2025-meeting-source-2024-04-30/
While the given search results reference Berkshire Hathaway's 2025 annual meeting (held May 2, 2025), they do provide some insights about the type of discussions typically addressed at Berkshire meetings, such as market outlook, portfolio updates, and leadership transition.
- Despite the shocking news of Warren Buffett's retirement, the discussions at Berkshire Hathaway have since eclipsed the company's usual focus on market outlook, portfolio updates, and leadership transition.
- Elaine King, a financial planner, shared her thoughts on Buffett, stating, "He has imparted valuable life lessons through his leadership."
- Since Buffett took the helm of Berkshire in 1965, the company's shares have outperformed the S&P 500's average annual gain, raking in around 20% annually through the end of 2024.
- During Buffett's last year as CEO, shareholders voted to anoint Greg Abel as his successor, marking the end of an era for Berkshire Hathaway.
- With Buffett's departure, shareholders may find it prudent to follow his investment philosophy by carefully evaluating each token in their portfolio, much like Buffett would when assessing shares of a defi company or any other business venture.
