Warren Buffett Announces He Will Step Down As Berkshire Hathaway CEO

It’s the end of an era for Berkshire Hathaway.

Berkshire Hathaway CEO Warren Buffett told thousands of shareholders on Saturday that he plans to step down.

Buffett, who is 94 years old, has been the CEO of Berkshire Hathaway for 60 years.

The 94-year-old financial guru stated, “I think the time has arrived where Greg should become the Chief Executive office of the company at year end.”

Greg Abel is currently the chairperson at Berkshire Hathaway.

Warren Buffett receives a standing ovation from a sold-out arena as he announces he will be stepping down from CEO at Berkshire Hathaway.

Buffett has been CEO for 55 years, making him the longest-serving CEO of any S&P 500 company.

Truly incredible. pic.twitter.com/EZd25RR3is

— The Kobeissi Letter (@KobeissiLetter) May 3, 2025

Warren Buffett just got a 10 minute long standing ovation after announcing his retirement.

Curtain call for the captain.

🥹

pic.twitter.com/RRk4CpgFZh

— Spencer Hakimian (@SpencerHakimian) May 3, 2025

Here’s what CBS reported:

Investor Warren Buffett told thousands of Berkshire Hathaway shareholders Saturday he plans to step down as CEO.

Buffett, who has been leading Berkshire Hathaway for 60 years, said he will step down at the end of the year. He had previously said he didn’t want to retire because he enjoys figuring out where to invest Berkshire’s money too much, and that he planned to continue working until he dies or becomes incapacitated.

Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.

“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.

The 94-year-old remains in good health, though he does use a cane. Buffett announced the news at the end of a five-hour question-and-answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.

Warren Buffett will step down as CEO of Berkshire Hathaway at the end of 2025.

What a run. pic.twitter.com/6xKZqwTcEP

— Brew Markets (@brewmarkets) May 3, 2025

Per CNBC:

An end of an era was announced in Omaha Saturday as Warren Buffett said he will soon ask the board of Berkshire Hathaway to have Greg Abel replace him as CEO at year end.

While Buffett is 94 and Abel was designated as CEO successor in 2021, it nonetheless came as surprise to the thousands of admiring shareholders gathered for this year’s annual meeting to once again hear the investing legend opine on the future of the company.

“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end,” said Buffett, in the final few minutes of the meeting.

In 1965, Buffett bought what was then a failing New England textile mill and over six decades, transformed the company into a one-of-a kind conglomerate, with businesses ranging from Geico insurance to BNSF Railway. Buffett is handing over his reins on a high note as Berkshire shares just reached a new peak, giving the conglomerate a market cap of nearly $1.2 trillion.

BREAKING: Warren Buffett moments ago at the 2025 Berkshire Hathaway annual shareholder meeting just came out against Trump's Tariffs in a major way:

"There is no question that trade can be an act of war. It has led to bad things — the attitudes that it has brought out. In the… pic.twitter.com/FOnBYoN9NO

— Ed Krassenstein (@EdKrassen) May 3, 2025