Warren Buffett To Step Down as CEO of Berkshire Hathaway at Year-End

Warren Buffett, the 94-year-old CEO of Berkshire Hathaway (BRK.A, BRK.B), the textile company he took control of in 1965 and transformed into a trillion dollar conglomerate, announced he would retire at the end of this year at the company’s annual shareholder meeting in Omaha, Neb.

For the tens of thousands of shareholders in attendance, and the millions who have invested in the company and followed Buffett’s every move, it was the announcement they had been dreading, but expecting for the past several years.

While Buffett has dialed back his day-to-day running of the Omaha-based company and delegated those responsibilities to Greg Abel and Ajit Jain, he and Charlie Munger, Berkshire’s former vice chair who died in 2023, have been the face and foundation of the company for decades. Buffett asked shareholders to appoint the 62-year-old Abel, who has been with the company for 25 years, to succeed him as CEO.

Elaine King, financial planner and Berkshire shareholder from Miami, Fla., who was at the meeting, said “Buffett is the true definition of legacy. He empowers others, says it like it is, and knows when it is time to pass the torch. He has taught us many life lessons through his leadership.”

In the time since Buffett took the helm of Berkshire in 1965, the company’s shares have gained close to 20% a year through the end of 2024, compared to the S&P 500’s average annual gain of just over 10%, including reinvested dividends.

This article has been updated since it was first published to include additional information.