OMAHA, Neb. — Warren Buffett, the iconic leader of Berkshire Hathaway, announced he will step down as CEO in late 2025, marking the end of a remarkable era spanning over five decades. Speaking at the company’s annual shareholder meeting on Saturday, the 94-year-old investor received heartfelt tributes and a standing ovation from the audience, celebrating his legacy as one of the longest-serving executives in the S&P 500.
Buffett’s influence on the business world began in 1965 when he transformed Berkshire Hathaway from a struggling textile manufacturer into a $1 trillion diversified conglomerate. With an investment strategy that embraced both patience and insight, he nurtured a vast portfolio that includes major stakes in companies such as Apple, Coca-Cola, and American Express.
In line with his impending retirement, Buffett recommended that Greg Abel, currently Berkshire’s vice chair, should take over the CEO role. This succession plan is intended to ensure a smooth transition of leadership, as Buffett acknowledged the confidence he has in Abel’s capabilities to uphold the company’s principles and vision.
Tim Cook, CEO of Apple, expressed his admiration for Buffett on social media, saying, “There’s never been someone like Warren. It’s been one of the great privileges of my life to know him.” Cook noted that Buffett is leaving the company in capable hands with Abel at the helm.
JPMorgan Chase CEO Jamie Dimon echoed similar sentiments, praising Buffett as an embodiment of American capitalism. “Warren Buffett represents everything that is good about American capitalism and America itself,” he said, highlighting Buffett’s integrity and optimism in investing.
In a statement, Brian Moynihan, Chief Executive of Bank of America, called Buffett’s achievements “unparalleled” and acknowledged his significant philanthropic impact. Moynihan commended Buffett for imparting invaluable life lessons that resonate far beyond the financial world.
Billionaire investor Bill Gross reflected on Buffett’s unique ability to leverage financial structures, which he described as visionary. Gross recalled his early interactions with Buffett and emphasized the monumental influence Buffett has had on the investment landscape.
Mark Cuban, a well-known entrepreneur and investor, referred to Buffett as his “investing hero” and shared personal anecdotes that underscored their connection. Cuban’s nostalgia highlighted the profound respect that so many in the business community have for Buffett, noting a memorable encounter they had at a Dairy Queen in Omaha.
Ron Olson, a Berkshire board member, stated that Buffett has consistently surprised the business world with his decisions and expressed confidence in Abel’s readiness to take on the top role. Meanwhile, French Hill, a congressman from Arkansas, remarked on the excellent groundwork laid by Buffett, Abel, and the Berkshire board, setting the stage for a seamless leadership transition.
Stephen Squeri, CEO of American Express, remarked on Buffett’s storied career and his unique blend of humility and humor, which made working with him a pleasure. He looked forward to the continued collaboration with Abel as he builds upon Buffett’s legacy.
As Buffett prepares for retirement, his impact as a visionary leader and philanthropist remains indelible. His innovative approaches to business and unwavering commitment to ethical investing have not only shaped Berkshire Hathaway but also set a standard in the industry that will inspire future generations of leaders.