Warren Buffett has announced his intention to resign as CEO of Berkshire Hathaway after 55 years, prompting an outpouring of admiration from investors and business leaders. The 94-year-old disclosed his plans during the company’s annual shareholder meeting in Omaha, Nebraska, where he received two standing ovations for his remarkable tenure as the longest-serving CEO of an S&P 500 company.
In a lighthearted remark before leaving the stage, Buffett shared, “The enthusiasm shown by this response can be interpreted in two ways.” He plans to officially step down at the end of 2025 and has recommended that Greg Abel, currently a vice chair at Berkshire Hathaway, succeed him as CEO.
Buffett has been a significant figure in investing for decades, transforming Berkshire Hathaway from a New England textile mill into a $1 trillion conglomerate involved in various industries, including owning companies like Geico and Dairy Queen, as well as substantial investments in Apple and Bank of America.
Following his announcement, notable figures shared their tributes to Buffett:
Tim Cook
The CEO of Apple praised Buffett on X, stating, “There’s never been someone like Warren. 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.”
Jamie Dimon
The chief executive of JPMorgan Chase remarked, “Warren Buffett represents everything that is good about American capitalism… I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Bill Gross
The billionaire investor and co-founder of PIMCO highlighted Buffett’s visionary approach, noting that his strategy in insurance allowed for investments in higher-returning assets. Gross also reminisced about their history and expressed his admiration for Buffett’s philanthropy.
Mark Cuban
The entrepreneur called Buffett his "investing hero" and shared fond memories of visiting Dairy Queen with him in Omaha.
Ron Olson
A Berkshire Hathaway board member expressed confidence in Abel’s readiness to take over and reflected on Buffett’s impactful legacy.
Buffett’s departure marks the end of an era for Berkshire Hathaway and leaves a lasting legacy in the world of investment and business leadership.