End of an Era: Warren Buffett says he will step down as Berkshire Hathaway CEO after 55 years

Warren Buffett intends to step down as Berkshire Hathaway CEO at the end of this year.Carlos Barria / ReutersWarren Buffett plans to resign as Berkshire Hathaway CEO after 55 years in charge.The investor, 94, said he plans to make way for his planned successor, Greg Abel, at the end of the year.Buffett grew Berkshire from a failing textile mill into a $1 trillion company, enriching investors.Warren Buffett intends to step down as Berkshire Hathaway CEO after 55 years, ending his tenure as the longest-serving chief executive of an S&P 500 company.The legendary investor announced he would recommend to Berkshire's board that he resign as CEO at the end of this year. He broke the news to a stadium full of his shareholders during Berkshire's annual meeting in Omaha on Saturday. The crowd gave Buffett two standing ovations and recognized his many years of service with thunderous applause."The enthusiasm shown by this response can be interpreted in two ways," Buffett joked, before adding, "Thank you."If Buffett gets his way, Greg Abel, the head of Berkshire's non-insurance businesses, will be in charge of the conglomerate in the new year.Buffett, 94, purchased Berkshire when it was a failing New England textile mill in 1965. Over the past six decades, he's grown it into a $1 trillion conglomerate that owns scores of businesses, including Geico, See's Candies, and the BNSF Railway, and holds multibillion-dollar stakes in Coca-Cola, American Express, and other public companies.The "Oracle of Omaha" oversaw a roughly 5,500,000% gain in Berkshire's Class A stock between 1965 and 2024, compared to around 39,000% for the S&P 500 as a whole. Berkshire shares compounded in value by an average of 19.9% annually for that period, more than double the benchmark's 10.4% gain.The ballooning stock price has made Buffett phenomenally wealthy. Even after giving more than half of his shares to good causes, he now ranks as the world's fifth-richest person with a $169 billion net worth.Buffett is leaving the CEO role on a high note. Berkshire stock has soared 20% this year to record levels, trouncing the S&P's 3% decline. Investors are banking on Buffett's steady hand to guide them through the market and economic turmoil stirred up by President Donald Trump's tariffs. They're also betting on perhaps the world's foremost bargain hunter to pounce on any bargain stocks and businesses that emerge, as he famously did during the 2008 financial crisis.Once Buffett vacates his chair, Abel will have the unenviable task of succeeding one of the great business leaders in American history, who has become virtually synonymous with his company. He can expect intense scrutiny of his decisions from all corners, and endless comparisons to a predecessor who ruled the roost for nearly six decades.Buffett will be remembered as a CEO for building one of the world's most valuable companies, creating tremendous wealth for his investors, nurturing a unique shareholder culture centered on long-term ownership, and inspiring legions of investors and executives with his lessons on investing, business, management, and life.This is a developing story, check back for more updates…Read the original article on Business Insider

Comments

Business News

Rachel Reeves told to restore Winter Fuel Payment for EVERY pensioner

A boomer couldn't retire on $1,428 a month in Social Security, so she moved to France for cheaper rent and a vibrant social life: 'Everything about living here is just better'

about 3 hours ago

Kim Jong Un is opening a tourism mega-resort in North Korea. It's unclear how he'll fill its thousands of rooms.

about 3 hours ago

Millions of student-loan borrowers are about to be thrown into collections. Some say they're already 'barely scraping by.'

about 3 hours ago

See the ship-killing missile that US Marines deployed to a hot spot near Taiwan

Comments

Similar News

How Warren Buffett prepared to end his 60-year reign at Berkshire Hathaway

Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year

Aldi selling Prosecco for less than a fiver – but you have to be quick as the deal ends TOMORROW

Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year

I’ve lost £400k to cowboy builder – my house is totally unlivable & there’s no end in sight… now I’m warning others

American shoppers love having lots of options. Trump's trade war could end that.

Six Flags America in Maryland to close at the end of 2025 season

A 'big scam'? The end of a shipping loophole on China goods and what it means for consumers

Scots hospitality chief warns of 'harm' as city tourist tax consultation ends

Wondering why 'Thunderbolts*' has an asterisk in its title? The ending explains it &mdash; and sets up a major MCU crossover

After my 30-year marriage ended, I moved to California. When it got too pricey, I built my dream life in New Orleans.

I left the Navy SEALs after nearly 6 years because I wanted more action and didn't want to end up a lonely man

Fivetran acquires Census to become end-to-end data movement platform

Trump's unfinished assault on Chinese tech like TikTok and Huawei leaves loose ends for Biden

Trump orders end of NPR's federal funding. And, judge blocks use of Alien Enemies Act

Why is Trump ending the ‘de minimis’ tariff loophole on low-value imports?

Trump orders end to federal funding for NPR and PBS

Trump Ends Chinese Tariff Loophole, Raising the Cost of Online Goods

'Thunderbolts*' has 2 end-credits scenes &mdash; here's what they mean for future Marvel movies

Fact check: Some households need new meters before end of June

Business News

Rachel Reeves told to restore Winter Fuel Payment for EVERY pensioner

My collection of Jellycats is worth £2,000 – exact detail helped me spot rare one I bought for £20 that’s now worth £200

Energy firm to give households two hours of free electricity every week from tomorrow

UFC Veteran Retires In The Octagon After Vicious TKO Loss

Naoya Inoue Vs. Ramon Cardenas: What Time Does The Fight Card Start?

Stronger PAP Mandate Reaffirms Singapore’s Status As Global Wealth Hub

Bank of England set to cut interest rates as US tariff impact in focus

Thai Billionaire Gets 24-Year Jail Term Over Alleged Illegal Golf Land Development

UFC 315 Full Fight Card: Muhammad Vs. Della Maddalena Headlines PPV

Big Bets On Which Of These Pathways Will Push Today’s AI To Become Prized AGI

Canelo Alvarez Vs. Terence Crawford: Date, Time And Location Confirmed

Bank of England set to cut interest rates as US tariff impact in focus

Millie Mackintosh praises travel neck pillow as the ‘first one that doesn’t hurt my neck’

WARREN SHUTE: 'Key savings rule has helped me put away money every month'

Tesco launches 'ultimate' new ready meal but shoppers have one complaint

Shoppers praise Next's £26 linen trousers that don't crease as 'lovely' and 'lightweight'

TONY HETHERINGTON: I lost £500,000 to a scam, but the solicitors who received the cash remain quiet

I landed my dream job at Adobe after applying to the company 12 times. A video cover letter helped me stand out.

A boomer couldn't retire on $1,428 a month in Social Security, so she moved to France for cheaper rent and a vibrant social life: 'Everything about living here is just better'

Kim Jong Un is opening a tourism mega-resort in North Korea. It's unclear how he'll fill its thousands of rooms.

Millions of student-loan borrowers are about to be thrown into collections. Some say they're already 'barely scraping by.'

See the ship-killing missile that US Marines deployed to a hot spot near Taiwan

How Carney's election win will change direction of trade war

‘I’m a mortgage expert at TSB - 7 ways to cut your bills and improve property EPC rating'

Urgent warning over Japanese knotweed signs that could cost you £18,000 this summer

Indiana Pacers Ability To Be Themselves Will Define Series Vs Cleveland Cavaliers

Canelo Alvarez Vs. Terence Crawford Fight Set For Sept. 12 In Vegas

Kentucky Derby Results: Sovereignty Wins, Journalism Places, Baeza Shows

UFC Results From Des Moines, Bonus Winners, Highlights And Reaction

Debenhams' two-in-one pizza oven and BBQ that whips up 'amazing pizzas' is £65 off

Sofia Richie-approved brand launches self tan that adapts to your skin tone and enhances perfume

'I made £500 from gold lying around at home - here's how to make money from old jewellery'

Important documents you must have in place now to protect your money

Next’s 'great fitting' £48 jacket that's ideal for chilly spring spells is now £21

‘Exceptional’ solar-powered water fountain that ‘brightens up gardens’ hits sale with 30% off

Amazon slashes price of Samsung Galaxy Watch to rival Samsung in flash deal

Majority of young people don't know financial education is on the curriculum

Charging an electric car at home is still CHEAPER than filling up with petrol

I want my US-based son to inherit his father's UK family home: How can I ensure this happens?

My British bitcoin holding company had its IPO two weeks ago and shares have doubled

Families warned over 'extremely unfair' six-month council tax 'penalty'

Elon Musk’s Starbase becomes ‘real’ Texas city after lopsided vote

All the hidden holiday costs designed to catch you out including six-month passport rule

Your rights if you buy something second-hand - and how to get your money back

When Molly-Mae: Behind it All Part 2 is released and how to watch new episodes for free

‘People Who Are Salaried Are Crying’: Taxes on Workers Add to Debt Misery

Trump’s Tariffs Create Fear and Uncertainty at Vietnam’s Factories

HMRC £10 a day penalties to be charged to thousands of people

Martin Lewis names two banks to switch to after Chase cuts cashback

USWNT Legend Carli Lloyd Inducted Into National Soccer Hall Of Fame

Hours left to get 30% off strips shoppers say gave 'whiter teeth in 7 days for a wedding'

Debenhams slashes 90% off price of 'elegant' and 'sleek' £780 bejewelled watch

Boden's best of sale buys– linen trousers, summer dresses and more on discount this week

Parents urged to check free childcare hours as major change due in coming months

Today’s ‘Wordle’ #1415 Hints, Clues And Answer For Sunday, May 4th

Amazon shoppers love fan 'powerful enough to cool you on hottest of nights'

Marriott CEO says ‘the right thing’ about DEI, gets 40K emails in response

Wondering why 'Thunderbolts*' has an asterisk in its title? The ending explains it — and sets up a major MCU crossover

'Thunderbolts*' has 2 end-credits scenes — here's what they mean for future Marvel movies