Warren Buffet to step down by year's closure
Uneasy Saturday in Omaha: Warren Buffett Announces Retirement and Successor
Billionaire business magnate, Warren Buffett, rocked the financial world this past weekend by announcing his retirement from leading Berkshire Hathaway Inc. During the annual shareholder meeting in Omaha, the legendary "Oracle of Omaha" endorsed 62-year-old Greg Abel as his chosen successor.
Buffett, at 94, asserted, "The time has come where Greg should take the reins as CEO of the company by year's end." He added his belief that the board of directors would unanimously support his recommendation. Although Buffett hinted he may stick around in a consultative capacity, the final decision would lie with Abel.
Abel, a long-time core figure of Berkshire, joined the group in the energy division back in 1992 and has been on the board of directors since 2018. Originally from Alberta, Canada, Abel began his career in the energy sector and later joined Berkshire following its acquisition of MidAmerican Energy, where he was CEO. At MidAmerican, he oversaw a regional utility with $122 million in sales before its integration into Berkshire. Currently, Abel heads all non-insurance operations at Berkshire, including energy, railways, and manufacturing.
Buffett transformed Berkshire Hathaway from a mid-sized textile company into a colossal conglomerate valued at over $1 trillion, with liquid assets amounting to $300 billion. During the meeting, Berkshire reported a 14 percent year-on-year decrease in first-quarter profits, but Buffett maintaineda positive outlook for the company under Abel's stewardship. "The prospects of Berkshire will be better under Greg's management than mine," Buffett revealed, eliciting a standing ovation from shareholders.
Prior to discussing his retirement, Buffett called for a more conciliatory approach to global trade. "Trade should not be a weapon," he stated, subtly addressing US President Donald Trump's usage of tariffs against various countries. Buffett emphasized that achieving prosperity is not a zero-sum game and that both the US and the world can thrive together.
Without explicitly mentioning Trump, Buffett cautioned against claiming superiority while offending the rest of the world. "It's a big mistake, in my view, when you have seven and a half billion people who don't like you very well, and you've got 300 million that are crowing in some way about how well they've done," Buffett stated. He concluded by dismissing the financial markets' recent volatility as trivial compared to the potential consequences of antagonizing global relations.
Forbes magazine's real-time rich list pegged Buffett's net worth at $168.2 billion as of the meeting. Despite his retirement plans, Buffett made it clear that he would not sell even one share of Berkshire Hathaway, intending to give it away eventually.
Enrichment Data: - Warren Buffett marked his successor, Greg Abel, during the 2025 annual meeting. - Abel has been with Berkshire since its acquisition of MidAmerican Energy, where he was the CEO. - Abel currently heads all non-insurance operations at Berkshire, including energy, railways, and manufacturing. - Buffett claims the prospects of Berkshire are better under Abel's leadership. - Abel joined Berkshire in 2000 after overseeing a regional utility with $122 million in sales at MidAmerican.
- Warren Buffett, who marked Greg Abel as his successor during the 2025 annual meeting, asserted that the time has come for Abel to take over as CEO of Berkshire Hathaway Inc by year's end.
- Despite his retirement, Buffett made it clear that he would not sell even one share of Berkshire Hathaway, intending to give it away eventually.
- During the meeting, Berkshire Hathaway reported a 14% year-on-year decrease in first-quarter profits, but Buffett revealed that he believed the prospects of Berkshire would be better under Abel's management.
- Greg Abel, who joined Berkshire Hathaway in 2000 after overseeing a regional utility with $122 million in sales at MidAmerican, currently heads all non-insurance operations at Berkshire, including energy, railways, and manufacturing.
- Prior to discussing his retirement, Buffett cautioned against claiming superiority while offending the rest of the world, emphasizing that achieving prosperity is not a zero-sum game and that both the US and the world can thrive together.
