Warren Buffet will retire by the end of the year

American Investor and Philanthrop Warren Buffett will retire as CEO of Berkshire Hathaway at the end of the year. He concludes his career as perhaps the most famous and respected investor in the world. This concludes an extraordinary period in which Buffett has led Berkshire for over 60 years and became a globally recognizable, multiple billionaire and a symbol of American success, states Reuters. His place will take over Greg Abel, which has been responsible for the unsecured part of the company for many years, foreign media reported.

« I think it is time for Greg to become the CEO of the company at the end of the year, » said Buffett, 94, Buffett on Saturday at the end of the Berkshire annual meeting in Omaha. He added that he would still be « present and perhaps useful in certain cases » but the « last word » will belong to Abel, his words summarized Reuters. The announcement was triggered by a wave of praise by directors and investors. Jamie DimonCEO JPMorgan Chase, said: « Warren Buffett represents everything that is good in US capitalism – investing in state growth and companies with integrity, optimism and common sense. »

Also the CEO of Apple, Tim Cookon the social network X wrote: “There was never anyone like Warren, and countless people, too, were inspired by his wisdom. One of the greatest honors in my life was that I met him. « 

Is supposed to preserve the culture of the company

Abel, who has long been considered Buffett’s successor, will now come to the fore. Although he has no Buffett’s charisma, he is supposed to preserve the culture of the company. Buffett also said that most of the board of directors did not know about his decision before the publication, the exceptions were his children, who are members of the committee. Berkshire Board of Directors will meet today for a transition on transition.

Abel, aged 62, has been the Vice President of the company since 2018, and in 2021 he was appointed successor at the post of executive director.

Photo: Johannes Eisele/AFP

Buffett’s decision overshadowed business results for the first quarter, where the profit fell to $ 4.6 billion, which is much less than last year’s $ 12.7 billion, states Ap. The reduction of profit is mainly due to the fall in investment value and the loss of $ 860 million due to insurance damage associated with fire in California.

The operational profit, which Buffett considers to be more relevant, also fell 14 percent to $ 9.6 billion. Analysts, however, predicted a worse result. The main reason for the fall was lower numbers in the field of insurance, while the results in the field of railways and energy were improved. The company has warned that future results may be under the influence of geopolitical conditions and trade policies that have changed dramatically in 2025.

Berkshire now has a record $ 347.7 billion in cash as Buffett does not find enough attractive investments. He says that the current market situation is not convinced, but it still remains optimistic about companies like Apple, which still appreciates it high.