Warren Buffett Plans to Step Down as CEO of Berkshire Hathaway

Warren Buffett, the 94-year-old billionaire, announced on Saturday his intention to resign as CEO of Berkshire Hathaway by the end of this year. He has been at the helm of the company for 60 years.

Buffett identified Vice-Chair Greg Abel as his successor. He mentioned that he would continue to “wander around” the conglomerate, as reported by CNBC, and that he has no intention of selling his shares in Berkshire Hathaway.

Interestingly, Buffett also expressed his views on trade, criticizing former President Trump’s approach to tariffs. He emphasized that trade should not be weaponized.

He explained that his decision to retain his shares is economic: he believes that Berkshire’s future is brighter under Greg’s stewardship than under his own. After sharing this news, Buffett received a standing ovation from investors, acknowledging his extensive contributions to the company.

For years, he has been preparing Abel to take over, stating back in 2021 that if anything were to happen to him, Abel would be stepping in the very next day.

This story is still developing, so updates may follow.