OMAHA, Neb. — Warren Buffett, the billionaire investor known as the “Oracle of Omaha,” shocked shareholders Saturday by announcing he will step down as chief executive of Berkshire Hathaway at the end of the year, concluding a legendary six-decade career at the helm of the multinational conglomerate.
The 94-year-old icon made the announcement during Berkshire’s widely anticipated annual shareholder meeting in Omaha, drawing a standing ovation from thousands of attendees. Buffett revealed that Greg Abel, the company’s vice chairman of non-insurance operations, will succeed him as CEO — a transition long speculated but never formally confirmed until now.
“I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end,” Buffett said, adding that only his children — board members Howard and Susie Buffett — had prior knowledge of the decision. Abel, seated beside Buffett on stage, appeared visibly surprised by the news.
Buffett emphasized he would not be leaving Berkshire entirely, noting he plans to “hang around” in a supporting role, while Abel will have the final say on company decisions. He and Abel are expected to meet Sunday to discuss Buffett’s future responsibilities.
Despite his departure from the CEO role, Buffett vowed to keep his vast fortune invested in Berkshire, pledging not to sell a single share. “I have no intention — zero — of selling one share of Berkshire Hathaway,” he said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Buffett’s endorsement comes amid growing questions over how Berkshire will manage its sizable cash reserves and future investments without him. At the end of 2024, the company held a staggering $334 billion in cash — more than triple the amount it reported just two years earlier. While Buffett has made several strategic global investments in recent years — including Japanese trading houses, a Mexican beverage conglomerate, and a satellite radio firm — his cautious accumulation of capital reflects growing market skepticism.
The succession announcement was preceded by a stark warning from Buffett about the global risks of President Donald Trump’s protectionist trade policies. During his remarks, Buffett criticized the use of tariffs as a geopolitical tool and warned of long-term economic fallout.
“Trade should not be a weapon,” Buffett said. “There’s no question that trade can be an act of war.” He added, “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.”
Buffett called for global cooperation over confrontation, stating, “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.”
The veteran investor has long used his platform to advocate for balanced economic policy and philanthropic giving. Despite an estimated net worth of $168 billion, according to Forbes, Buffett has pledged to donate 99% of his fortune rather than pass it to future generations.
“I’ve never wished to create a dynasty,” Buffett once said, citing uncertainty over how future generations might steward extraordinary wealth in a shifting philanthropic landscape.
Buffett’s life story has become part of American financial lore. Born in Omaha in August 1930, he filed his first tax return at age 13 and bought his first stock at 11. After studying at Columbia Business School, he began buying shares of Berkshire Hathaway in 1962 and assumed control in 1965. Over the next six decades, he transformed the former textile manufacturer into a trillion-dollar powerhouse with holdings in insurance, media, energy, and consumer goods.
Alongside the late Charlie Munger — who served as Berkshire’s vice chairman from 1978 until his death in 2023 — Buffett turned the company into a global investment titan. Their partnership defined an era of value investing rooted in discipline, long-term thinking, and deep financial insight.
Buffett is also famous for his unorthodox habits. He famously avoids alcohol, consumes large quantities of Coca-Cola — accounting for roughly 25% of his daily caloric intake — and is a fan of Dairy Queen, another Berkshire holding. His indulgence in salty fast food has become the stuff of business lore; Wells Fargo’s former CEO once remarked, “It’s a snowstorm when Warren salts his food.”
He married Susan Thompson in 1952, with whom he had three children. After Susan’s death in 2004, Buffett married longtime companion Astrid Menks in 2006.
The end of Buffett’s tenure at Berkshire marks the close of a monumental chapter in global finance. While the future of Berkshire Hathaway under Greg Abel’s leadership remains to be seen, the groundwork Buffett laid over 60 years continues to define one of the most successful corporate legacies in history.
