Warren Buffett, one of the worlds most successful investors and also among the ten richest people in the world, says he plans to retire by the end of 2025.
He added that he would like to see Greg Abel as the new Chief Executive Office (CEO) of Berkshire Hathaway.
Buffett, who is 94 years old, said:
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end.”
Abel, who has been managing Berkshire Hathaway’s non-insurance business for several years, has long been Buffett’s designated successor. It is no surprise that Buffett would put him forward to take over. However, most experts, journalists, and other stakeholders had expected that Abel would become Berkshire’s new CEO after Buffett’s death. Buffett had repeatedly said that he had no plans to retire.
Buffett announced his retirement intention at the end of a five-hour questions-and-answer sessions. Despite curiosity among shareholders and reporters, he did not take any questions about it.
A notable tribute was made by Apple CEO Tim Cook, whose company is one of Berkshire Hathaway’s largest holdings:
There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg. pic.twitter.com/7p5zXtq5hP
— Tim Cook (@tim_cook) May 3, 2025
Warren Buffett and Berkshire Hathaway
Berkshire Hathaway was founded by Buffett in 1965. Today, it is a huge multinational conglomerate with investments in Apple Inc., Coca-Cola, American Express, Bank of America, Chevron, and Kraft Heinz.
He is known as the “Oracle of Omaha” because of his remarkable investing success. His ability to predict market trends and select which stocks and buy and sell is widely respected around the world.
Most shareholders, suppliers, clients, and other stakeholders admire Abel and believe he will be an excellent CEO. However, whether he will have anything like Buffett’s success in investing the company’s cash remains to be seen.
How He Sees the Future
Regarding what he will do with the fortune that he has invested in the company, Buffett said:
“I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually […] 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 announcement was followed by a prolonged standing ovation in recognition of his six decades leading the company and extraordinary investment and business achievements.