OMAHA, NEBRASKA: In a surprise announcement that left thousands of investors speechless, Warren Buffett said he will retire as CEO and chair of Berkshire Hathaway at the end of 2024. The 93-year-old billionaire, affectionately called the “Sage of Omaha”, made the statement during the company’s annual general meeting, following a five-hour Q&A session.
Buffett declared that Greg Abel, a 25-year company veteran and current Vice-Chairman overseeing non-insurance businesses, would succeed him. Abel, visibly surprised, stood beside Buffett and joined the arena’s standing ovation.
“I have zero intention of selling a single Berkshire share,” Buffett said. “I believe the company’s future is brighter with Greg at the helm.”
Buffett’s 60-year reign turned a struggling textile firm into a $1.03 trillion empire spanning railroads, insurance, utilities and more. Since 1965, Berkshire shares have soared 5,502,284%, averaging a 19.9% annual return — nearly double the S&P 500. In 2024, shares hit a record high, with a 20% rise year-to-date.
The retirement news was known only to his children prior to the announcement. Even Abel, born in Alberta, Canada, and CEO-designate since 2001, wasn’t informed.
Tributes poured in. JP Morgan CEO Jamie Dimon praised Buffett as “everything good about American capitalism.” Apple’s Tim Cook called knowing Buffett “a privilege” and said Berkshire was in “great hands.”
Buffett also warned of Trump’s global trade impact and reiterated his plan to donate 99.5% of his $168.2bn wealth to charity.
Despite facing criticism over past utility controversies, Buffett retires on a high. His legacy: unmatched returns, sound judgement, and a company built to endure.
