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Warren Buffett stuns shareholders; Here's when and why Berkshire Hathaway CEO is retiring after 55 years
Warren Buffett on Saturday stunned his stockholders by declaring his intention to retire from the position Berkshire Hathaway CEO at the end of the 2025.
Warren Buffett on Saturday stunned his stockholders by declaring his intention to retire from the position Berkshire Hathaway CEO at the end of the 2025.
Buffett will stepped down from the role after 55 years, ending his tenure as the longest-serving chief executive of an S&P 500 company.
Here's when and why Warren Buffett is retiring, and who might take over
Buffett said that he will propose to the board of Berkshire Hathaway that Greg Abel should take over as CEO by the end of 2025.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end and I want to spring that on the directors eventually and give that as my recommendation,” Buffett said at the company’s 2025 investor conference on Saturday, without explaining the reason behind his retirement.
It is said that Greg Abel is no longer seen as an internal “CEO-in-waiting” at Berkshire, where he currently oversees all of the company's non-insurance operations.
The 94-year-old billionaire has consistently stated in the past that he has no plans to retire anytime soon.
Meanwhile, CFRA research analyst Cathy Seifert mentioned that Buffett must have struggled to decide to resign.
Speaking to AP, Seifert said, “This was probably a very tough decision for him, but better to leave on your own terms.” “I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.”
Also Read: Warren Buffett to retire: Here's Berkshire CEO's net worth, stock portfolio, properties and more
Warren Buffett targets Trump, says trade should not be a weapon
Earlier on Saturday, Buffett told the hundreds of investors attending his annual meeting that “trade should not be a weapon,” but “there's no question that trade can be an act of war.” He also warned of the severe worldwide repercussions of President Donald Trump's tariffs.
According to Buffett, Trump's trade policies have enraged the rest of the world, increasing the likelihood of global unrest.
Buffett spoke on the subject that was on everyone's mind at the beginning of the Berkshire Hathaway shareholders meeting, saying, “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.”
Buffett stated that it is ideal for trade to be balanced between nations, but he believes Trump is not addressing the issue correctly with his extensive tariffs.
“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he said.
According to Buffett, America has undergone revolutionary transformations since its founding, including its pledge of equality for all, which wasn't achieved for years.
Approximately 40,000 people attend the gathering each year to hear remarks from Buffett, including well-known investors and some celebrities. Hillary Rodham Clinton was also present this year.
