Berkshire Hathaway’s legendary leader stuns AGM with retirement news and names Greg Abel as CEO
Warren Buffett, the legendary investor known as the “Sage of Omaha,” stunned thousands of shareholders this weekend by announcing his retirement from Berkshire Hathaway, the $1.03 trillion conglomerate he has led for six decades.
Speaking at the company’s annual general meeting in Nebraska, the 94-year-old revealed he would step down as CEO and chairman at the end of 2025, naming vice-chair Greg Abel as his successor. The arena erupted into a standing ovation as Buffett declared his confidence in Abel and affirmed his belief that Berkshire’s future was brighter under new leadership.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said, adding, “I have no intention – zero – of selling one share of Berkshire Hathaway.”
The announcement, which came at the end of a five-hour Q&A session, was kept under tight wraps. Only Buffett’s children – Howard and Susie – knew beforehand. Abel himself was visibly surprised, standing to join the crowd in applauding his mentor.
Tributes poured in immediately from global business leaders. Jamie Dimon, CEO of JP Morgan Chase, described Buffett as “everything good about American capitalism and America itself.” Dimon added, “I’ve learned so much from him to this very day, and I am honoured to call him a friend.”
Apple CEO Tim Cook also praised Buffett’s legacy. “There’s never been anyone like Warren,” he said. “It’s been one of the great privileges of my life to know him.”
Abel, 62, a Canadian-born executive who has been with Berkshire for 25 years, has long been Buffett’s heir apparent. He currently oversees all of Berkshire’s non-insurance businesses, which span energy, retail, chemicals, and real estate.
Buffett leaves on a high note. Berkshire Hathaway’s Class-A shares, which he and early investors hold, have risen 20% this year and tripled in value over five years. The stock closed at a record high on Friday.
Under Buffett’s stewardship since 1965, Berkshire transformed from a struggling textile firm into one of the world’s most valuable companies. Buffett, guided by value investing pioneer Benjamin Graham, developed a strategy that consistently outperformed markets. From 1965 to 2024, Berkshire’s stock value grew at an average annual rate of 19.9% — nearly double that of the S&P 500.
Despite his acclaim, Buffett’s legacy is not without blemishes. Berkshire’s utility, PacifiCorp, has faced lawsuits and backlash for its role in wildfires during a 2020 windstorm. Greg Abel has since emphasised fire prevention over uninterrupted power supply in high-risk areas.
Buffett, who has pledged to donate 99.5% of his $168.2bn fortune, reiterated his long-term faith in Berkshire. “Keeping every share is an economic decision,” he said. “I believe the company will do even better under Greg.”
Politically, Buffett has maintained a nuanced profile. Though a longtime Democrat who supported Barack Obama and Hillary Clinton, he did not endorse Joe Biden in 2020 or Kamala Harris in 2024. He has also openly criticised Donald Trump’s tariffs, warning that protectionism could have catastrophic global consequences.
“Trade can be an act of war,” he told attendees, criticising Trump-era policies for stoking international resentment. “It’s a big mistake when 7.5 billion people dislike you and 300 million are celebrating their victory.”
Berkshire posted a record $47.44bn in operating profits in 2024, marking its third consecutive year of growth. Analysts will now watch closely how the company performs under Abel’s leadership in an increasingly volatile economic climate.
With this carefully planned handover, Buffett closes an extraordinary chapter in American business history — one marked by patience, principle, and phenomenal returns.
