Legendary investor Warren Buffett has introduced he intends to retire as CEO of Berkshire Hathaway (BH) by the tip of 2025.
Buffett, 94, made the announcement Saturday duing a shareholders assembly following a Q&A however didn’t area questions on his plans.
Buffett has been on the helm of BH as its CEO for 55 years, making him the longest-serving CEO of any S&P 500 firm.
“Tomorrow, we’re having a board assembly of Berkshire, and we now have 11 administrators. Two of the administrators, who’re my kids, Howie and Susie, know of what I’m going to speak about there,” advised the packed assembly.
“The remainder of them, this can come as information to, however I believe the time has arrived the place Greg ought to turn out to be the chief govt officer of the corporate at yr finish.”
Watch:
“The time has arrived…
“…the place Greg ought to turn out to be the Chief Government Officer of [Berkshire Hathaway] at year-end.”
Warren Buffett broke the information on the shut of the $BRK annual assembly. He’d solely advised his household – Greg Abel himself didn’t know!
Greg could 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 simply received a ten minute lengthy standing ovation after saying his retirement.
Curtain name for the captain.
— Spencer Hakimian (@SpencerHakimian) May 3, 2025
Buffett stated he’ll ask BH’s board to switch him with Greg Abel as CEO.
CNBC reports that whereas Abel was designated as CEO successor in 2021, the retirement announcement “got here as a shock to the 1000’s of admiring shareholders gathered for this yr’s annual meeting to as soon as once more hear the investing legend opine on the way forward for the corporate.”
