In a historic announcement that marks the end of corporate America's longest-serving CEO tenure, Warren Buffett revealed his plans to step down as Chief Executive Officer of Berkshire Hathaway by the end of this year. The 94-year-old legendary investor shared the news during the company's annual meeting in Omaha, where shareholders honored him with standing ovations.
Buffett will recommend Greg Abel, who currently heads Berkshire's non-insurance operations, as his successor. The transition will conclude an extraordinary 55-year journey that transformed a struggling textile mill into a $1 trillion conglomerate.
Under Buffett's leadership, Berkshire Hathaway grew into a powerhouse that owns diverse businesses including Geico, See's Candies, and BNSF Railway, while holding major stakes in companies like Coca-Cola and American Express. The company's Class A shares delivered an astounding 5,500,000% return between 1965 and 2024, far outpacing the S&P 500's 39,000% gain during the same period.
The timing of Buffett's departure comes as Berkshire stock reaches record highs, having risen 20% this year while the broader market declined. His investing prowess and strategic acquisitions, particularly during market downturns like the 2008 financial crisis, have earned him the nickname "Oracle of Omaha."
Despite giving away more than half of his Berkshire shares to charitable causes, Buffett remains the world's fifth-richest person with a net worth of $169 billion. His legacy extends beyond financial success, encompassing valuable lessons on investing, business management, and fostering a unique corporate culture focused on long-term ownership.
Greg Abel faces the challenging task of succeeding one of America's most celebrated business leaders. As one expert noted, "It's easier to follow Bruce Springsteen on stage than to follow Buffett." The incoming CEO will lead a company that has become nearly synonymous with its departing leader's name and reputation.