Warren Buffett Announces Retirement as CEO of Berkshire Hathaway

At 94 years old, Warren Buffett, widely regarded as the Oracle of Omaha, is set to step down as CEO of Berkshire Hathaway, handing the reins to Vice-Chairman Greg Abel after the current year.

Warren Buffett, the renowned CEO of Berkshire Hathaway, has officially revealed his retirement plans during the company's annual meeting in Omaha, Nebraska, indicating that Vice-Chairman Greg Abel will take over leadership at the end of 2023. The 94-year-old investor, who transformed Berkshire Hathaway into a $1.16 trillion powerhouse, described this transition as timely, and shared his decision with only a select few prior to the public announcement. Buffett's unexpected revelation received a standing ovation from an audience of roughly 40,000 attendees, prompting him to quip about the enthusiasm reflecting the crowd's sentiment.

Abel, who was chosen as Buffett's successor four years prior, appeared surprised by the announcement. Despite his impending retirement, Buffett emphasized his commitment to maintaining his investment in the company, asserting he would not sell any shares but instead give them away. A host of business figures, including Apple CEO Tim Cook, commended Buffett for his extraordinary impact and inspirational leadership. Known for his philanthropy, Buffett recently ranks as the fourth-wealthiest individual globally, amassing a personal fortune of $154 billion.

While reflecting on his career, Buffett revealed that he had no desire to continue playing a major role in the company, acknowledging that he was "playing in extra innings." Berkshire Hathaway now encompasses over 60 subsidiaries, including Geico, Dairy Queen, and Duracell, in addition to significant stakes in major entities like Apple and Coca-Cola. His departure signals a significant shift in the investment landscape, but he leaves behind a legacy that will continue to influence many aspiring investors worldwide.