In brief
In a surprising move, Warren Buffett has declared he will step down as CEO of Berkshire Hathaway by the end of the year, handing leadership to Vice-Chairman Greg Abel.
Warren Buffett, widely revered as the “Oracle of Omaha,” made the announcement at the company’s annual meeting, where he revealed it was time for Greg to take over as CEO. At 94, Buffett reflects on his remarkable journey, transforming Berkshire from a struggling textile company into a colossal investment firm valued at $1.16 trillion.With a wave of applause from an audience of 40,000, Buffett humorously remarked on the crowd's enthusiasm, showing his signature wit. He shared that only his children were aware of his retirement plans, catching Abel off guard, although Buffett had previously chosen him as the successor.Despite his retirement, Buffett emphasizes his commitment to his investments, stating he will not sell any of his Berkshire shares, but rather plan to donate them. Business leaders, including Apple CEO Tim Cook, praised Buffett's legacy and expressed confidence in Abel's leadership.Berkshire Hathaway continues to thrive under Buffett's guidance, owning over 60 companies, including Geico and Duracell, with strong stakes in major corporations like Apple and Coca-Cola. Buffett is not just a financial giant; he has committed his wealth to charity and has long been recognized for his humble lifestyle, living in the same Omaha home for over 65 years.As he steps down, Buffett also stressed the importance of global trade and the need to avoid using trade as a weapon in international relations, reinforcing his view on cooperation in business and beyond.
