Warren Buffett Makes Surprise Exit

Warren Buffett to Step Down as Berkshire Hathaway CEO After 60 Years.

In a surprise announcement that stunned shareholders, Warren Buffett revealed on May 3 that he will step down as CEO of Berkshire Hathaway at the end of the year, bringing an end to a legendary six-decade tenure that reshaped American business.

The 94-year-old investing icon made the announcement at the conclusion of Berkshire’s annual shareholder meeting in Omaha, Nebraska, earning a standing ovation from attendees.

Buffett named Greg Abel, 62, as his successor, confirming long-held expectations. “I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett said, adding that Abel and most of the board had no prior knowledge of the decision. “Greg doesn’t know anything about this that I’m telling you right now,” he joked, drawing laughter from the crowd.

Abel, currently vice chairman of non-insurance operations, joined the board in 2018 and oversees many of Berkshire’s 90+ subsidiaries, including BNSF Railway and the company’s utilities, retail, and manufacturing arms. The board is expected to meet on May 4 to begin formalizing the transition.

Buffett emphasized that he intends to stay involved in a limited capacity and has “zero” plans to sell any of his Berkshire stock. “I would still hang around and could conceivably be useful in a few cases, but the final word would be what Greg said.”

Reflecting on his journey, Buffett said, “I found myself in this position where I can run the kind of company I want to run, and that’s an extraordinary luxury.”

Under Buffett’s leadership, Berkshire Hathaway evolved from a struggling textile manufacturer into a trillion-dollar empire spanning insurance, transportation, energy, and consumer goods.

Tributes quickly poured in, including from Apple CEO Tim Cook, who called Buffett “one of a kind” and praised Abel as a worthy successor. “It’s been one of the great privileges of my life to know him,” Cook said.

Buffett’s departure marks the end of an era—but not the end of his influence on Berkshire, or the investing world at large.