Billionaire investor Warren Buffett to step down after 60 years of leading Berkshire Hathaway
The announcement after a five-hour question-and-answer period at the company's annual shareholders' meeting on Saturday came as a big surprise, as the 94-year-old had previously said he did not plan to retire.
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Warren Buffett has announced he’ll step down as CEO of Berkshire Hathaway by the end of 2025, naming Greg Abel as his successor. Abel, a 30-year veteran of the firm, will inherit control of Berkshire’s $348 billion cash reserves and $1.16 trillion empire. The news broke during the annual shareholder meeting, sparking a standing ovation. Buffett will remain chairman and largest shareholder, ensuring ongoing influence. As Berkshire enters a new era, all eyes are on Abel to uphold Buffett’s legacy and capital strategy in a volatile global market.
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