Warren Buffett, 94, will retire as Berkshire Hathaway CEO, succeeded by Greg Abel. Buffett built the company into a $1.16tn giant, retaining his shares.
Warren Buffett to Step Down as Berkshire Hathaway CEO
- Headline: Warren Buffett, 94, stepping down as Berkshire Hathaway CEO.
- Key Announcement: Buffett will retire as CEO of Berkshire Hathaway at the end of the year.
- Successor: Vice-Chairman Greg Abel will take over as CEO.
- Buffett's Statement: "I think the time has arrived where Greg should become the chief executive of the company at year end."
- Buffett's Legacy: Built Berkshire Hathaway from a failing textile maker into a $1.16tn investment juggernaut. He is arguably the world's most successful investor.
- Reaction: Announcement followed by standing applause at Berkshire Hathaway's annual meeting in Omaha, Nebraska.
- Inside Scoop: Only Buffett's two children knew about the decision beforehand. Even Greg Abel seemed surprised by the timing.
- Buffett's Shares: "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away."
- Tim Cook's Praise: "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom...Warren is leaving Berkshire in great hands with Greg."
- Berkshire Hathaway's Holdings: Owns more than 60 companies, including Geico, Duracell, and Dairy Queen. Major stakes in Apple, Coca-Cola, Bank of America, and American Express.
- Buffett's Net Worth: Ranked by Bloomberg as the world's fourth-wealthiest person, with a net worth of $154bn.
- Buffett's Early Life: Earned his first money at six, bought his first shares at 11, and filed his first tax return at 13.
- Buffett's Lifestyle: Despite his wealth, he has lived in the same modest house in Omaha for more than 65 years.
- Buffett's Views on Trade: Spoke out against President Donald Trump's tariffs, stating the US should not use "trade as a weapon" and should focus on trading with the rest of the world based on comparative advantages