At Berkshire Hathaway's 2025 annual meeting in Omaha, Warren Buffett, the 94-year-old legendary investor, announced his decision to step down from his leadership role by the end of the year. This unexpected news came during the closing moments of a five-hour Q&A session, leaving the audience of thousands in stunned silence before erupting into a standing ovation.
Buffett has led Berkshire Hathaway since 1965, transforming it from a struggling textile company into a $1.14 trillion conglomerate with holdings in companies like Apple, Geico, and Dairy Queen. Despite stepping down as CEO, Buffett assured shareholders he would remain involved in an advisory capacity and continue to hold his shares in the company.
Greg Abel, the current Vice Chairman, has been named as Buffett's successor. Abel, a 62-year-old Canadian executive, has been with Berkshire for over two decades, managing key businesses like BNSF railroad and Berkshire Hathaway Energy. He is known for his low profile and strong business instincts, qualities that Buffett has praised.
During the meeting, Buffett also shared his views on several key issues. He criticized the use of trade as a political weapon, expressing concerns over the United States' growing fiscal deficit, which he deems unsustainable in the long term. Buffett emphasized the need for better efficiency in government and large corporations.
Berkshire reported a record cash reserve of $347.7 billion, reflecting ongoing asset sales, though Buffett remains on the lookout for future investments. He credited Apple CEO Tim Cook with generating significant returns for Berkshire, humorously acknowledging Cook's contribution exceeded his own.
As Buffett prepares to pass the torch, shareholders and investors worldwide reflect on his unparalleled legacy and the future of Berkshire Hathaway under new leadership.