Legendary investor Warren Buffett has announced he intends to retire as CEO of Berkshire Hathaway (BH) by the end of 2025.
Buffett, 94, made the announcement Saturday duing a shareholders meeting following a Q&A but did not field questions about his plans.
Buffett has been at the helm of BH as its CEO for 55 years, making him the longest-serving CEO of any S&P 500 company.
“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there,” told the packed meeting.
“The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end.”
Watch:
“The time has arrived…
“…where Greg should become the Chief Executive Officer of [Berkshire Hathaway] at year-end.”
Warren Buffett broke the news at the close of the $BRK annual meeting. He’d only told his family – Greg Abel himself didn’t know!
Greg will have all… pic.twitter.com/KRMmxkyi6t
— Compound248 (@compound248) May 3, 2025
After the announcement, shareholders gave Buffett a 10-minute-long standing ovation for his years of stewardship.
Warren Buffett just got a 10 minute long standing ovation after announcing his retirement.
Curtain call for the captain.
— Spencer Hakimian (@SpencerHakimian) May 3, 2025
Buffett said he will ask BH’s board to replace him with Greg Abel as CEO.
CNBC reports that while Abel was designated as CEO successor in 2021, the retirement announcement “came as a surprise to the thousands of admiring shareholders gathered for this year’s annual meeting to once again hear the investing legend opine on the future of the company.”
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