In a significant transition, Warren Buffett, known as the "Oracle of Omaha," has revealed he will retire as CEO of Berkshire Hathaway at the end of 2023, passing the torch to Vice-Chairman Greg Abel.
Warren Buffett Announces Retirement as Berkshire Hathaway CEO by Year-End
Warren Buffett Announces Retirement as Berkshire Hathaway CEO by Year-End
Investment Icon Hands Over Leadership to Greg Abel Amid Longstanding Business Legacy
In a surprise announcement during the annual meeting held in Omaha, Nebraska, the celebrated 94-year-old investor expressed confidence in Abel's ability to lead, stating, "I think the time has arrived where Greg should become the chief executive of the company at year end." Buffett, who transformed Berkshire Hathaway from a struggling textile business into a colossal investment firm valued at $1.16 trillion, received enthusiastic applause from a crowd of around 40,000 attendees. With his signature humor, he added, "The enthusiasm shown by that response could be interpreted in two ways."
Buffett disclosed that only his children, Howard and Susie, were privy to his retirement decision, catching Abel off guard during the meeting. Four years ago, Buffett handpicked Abel as his successor but had not previously hinted at his retirement. While he plans to step down, he affirmed his commitment to Berkshire's stock, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," eliciting cheers from the audience.
Tributes poured in from across the business world, including Apple CEO Tim Cook, who commended Buffett’s unparalleled influence, saying, "There's never been someone like Warren." Buffett's investment acumen has garnered him recognition as one of the most successful investors globally. He declared that while he had never intended to retire, he felt he was "playing in extra innings."
Berkshire Hathaway's impressive portfolio comprises over 60 companies, including Geico, Duracell, and Dairy Queen, along with substantial stakes in prominent firms like Apple and Coca-Cola. Notably, Buffett, a philanthropist who has donated billions to charitable causes, was recently listed as the fourth-wealthiest individual by Bloomberg, boasting a net worth of $154 billion.
Throughout his illustrious career, Buffett has maintained a down-to-earth lifestyle, residing in the same modest Omaha home for over 65 years. He also voiced concerns over President Trump’s tariffs during the meeting, emphasizing the need for global trade cooperation, remarking, "We should be looking to trade with the rest of the world."
Buffett disclosed that only his children, Howard and Susie, were privy to his retirement decision, catching Abel off guard during the meeting. Four years ago, Buffett handpicked Abel as his successor but had not previously hinted at his retirement. While he plans to step down, he affirmed his commitment to Berkshire's stock, stating, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," eliciting cheers from the audience.
Tributes poured in from across the business world, including Apple CEO Tim Cook, who commended Buffett’s unparalleled influence, saying, "There's never been someone like Warren." Buffett's investment acumen has garnered him recognition as one of the most successful investors globally. He declared that while he had never intended to retire, he felt he was "playing in extra innings."
Berkshire Hathaway's impressive portfolio comprises over 60 companies, including Geico, Duracell, and Dairy Queen, along with substantial stakes in prominent firms like Apple and Coca-Cola. Notably, Buffett, a philanthropist who has donated billions to charitable causes, was recently listed as the fourth-wealthiest individual by Bloomberg, boasting a net worth of $154 billion.
Throughout his illustrious career, Buffett has maintained a down-to-earth lifestyle, residing in the same modest Omaha home for over 65 years. He also voiced concerns over President Trump’s tariffs during the meeting, emphasizing the need for global trade cooperation, remarking, "We should be looking to trade with the rest of the world."
