Warren Buffett has announced that he will retire as the CEO of Berkshire Hathaway at the end of 2025. This news surprised many shareholders during the recent annual meeting. Buffett, who is 94 years old, has been the CEO for an impressive 55 years, making him the longest-serving chief executive in the S&P 500.
During his announcement, Buffett lightened the mood with humor. When he said he would recommend Greg Abel as his successor, the audience cheered and gave him a standing ovation. Buffett joked, “The excitement of that response can be seen in two ways. I’ll take it as a good sign,” which made everyone laugh even more.
As he wrapped up the meeting, Buffett added another joke: “I hope to see you all next year, and I hope I’m still around then!”
Buffett’s decision to step down took many by surprise; he had previously said he had no plans to retire anytime soon. He didn’t give a specific reason for his retirement but confirmed that he believes it’s time for Greg Abel, the Vice Chair, to take over. “I think it’s time for Greg to be the CEO at the end of the year, and I’ll suggest that to the board soon,” he mentioned.
This meeting gathered a huge crowd of over 40,000 people, including famous faces like Apple CEO Tim Cook and former Secretary of State Hillary Clinton.
Warren Buffett to Step Down as CEO of Berkshire Hathaway by 2025
Leave a Reply