Warren Buffett to Retire as Berkshire Hathaway CEO at Year-End

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Warren Buffett, a towering figure in modern investment, is preparing to hand over the reins.

The 94-year-old CEO of Berkshire Hathaway (BRK.A, BRK.B), who transformed a struggling textile firm into a trillion-dollar powerhouse since acquiring it in 1965, announced at the company’s annual shareholder meeting in Omaha, Nebraska, that he will retire at the end of this year.

For the thousands of shareholders present—and millions worldwide who have invested in Berkshire and followed Buffett’s leadership—this news, while anticipated, marks the end of an era.

Though Buffett has gradually reduced his daily management duties, delegating responsibilities to Vice Chair Greg Abel and Ajit Jain, he and the late Charlie Munger, Berkshire’s former vice chair who passed in 2023, have been the enduring pillars of the company’s identity for decades.

Buffett proposed that 62-year-old Greg Abel, a 25-year veteran of Berkshire, be appointed as his successor to lead the company as CEO.

"Buffett embodies true legacy leadership—empowering others, speaking candidly, and recognizing when it's time to pass the torch," said Elaine King, a Miami-based financial planner and Berkshire shareholder attending the meeting. "His leadership has imparted invaluable life lessons to us all."

Since Buffett took control in 1965, Berkshire Hathaway’s stock has delivered an average annual return near 20% through the end of 2024, significantly outperforming the S&P 500’s approximate 10% annual gain, including reinvested dividends.

This announcement provides a moment to reflect on Buffett’s remarkable legacy as both investor and executive, overshadowing Berkshire’s latest earnings report. Explore Investopedia’s in-depth coverage of the company’s financial results, Buffett’s perspectives on trade, and key insights from the shareholder meeting.

Note: This article has been updated since its original publication to include further details and context.

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