Warren Buffett to Retire After 60 Years – Greg Abel Named Successor at Berkshire Hathaway
In a moment that stunned thousands of shareholders packed into an Omaha arena, Warren Buffett, the 94-year-old legendary investor and longtime chairman of Berkshire Hathaway, announced on Saturday that he will retire at the end of the year—bringing an end to one of the most iconic careers in the history of finance.
The unexpected announcement came at the close of a five-hour Q&A session during the company’s annual shareholder meeting. With no prior indication and no questions taken on the matter, Buffett quietly revealed that he will recommend Vice Chairman Greg Abel to take over as CEO starting in 2026.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said, signaling a historic transition of power.
A Succession Plan Finally Activated
Though Abel has long been Buffett’s publicly identified successor, many had assumed the transition wouldn’t take place until after Buffett’s passing. Buffett had consistently stated that he had no intention of retiring.
Even Abel, who was seated beside Buffett during the announcement, had no prior warning. Only Buffett’s children, Howard and Susie, were told in advance. An hour after the surprise statement, Abel returned to the stage alone to conduct the company’s formal business meeting and briefly addressed the crowd.
“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said.
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End of an Era, But Confidence in the Future
Warren Buffett’s six-decade leadership of Berkshire Hathaway turned a once-struggling textile mill into one of the most successful conglomerates in the world. Through disciplined investing, a long-term mindset, and plainspoken wisdom, Buffett became known as the “Oracle of Omaha,” a guiding figure for investors across generations.
While some shareholders may wonder how Berkshire will fare without Buffett’s legendary investing acumen, the man himself offered a strong endorsement of his successor.
“I have no intention — zero — of selling one share of Berkshire Hathaway,” Buffett assured shareholders. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Buffett’s words drew a prolonged standing ovation from the crowd, many of whom had traveled from around the world to attend what’s often called the “Woodstock for Capitalists.”
What’s Next for Berkshire Hathaway?
Greg Abel, who currently oversees all of Berkshire’s noninsurance businesses, is expected to bring a steady hand and operational expertise to the CEO role. However, some investors remain curious about how he will handle the company’s massive cash reserves and long-term investment strategy—a domain that has always been Buffett’s forte.
Still, with Buffett’s full backing and a solid leadership structure in place, the company appears poised for continuity. Buffett’s personal fortune—largely still invested in Berkshire—will eventually be donated through his philanthropic commitments, further signaling his confidence in the company’s future.
As the sun begins to set on a truly remarkable chapter in business history, one thing is clear: Warren Buffett may be retiring, but his legacy is only growing.
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