Warren Buffett Announces Intention to Retire by End of 2025

โ€˜I think the time has arrived where Greg [Abel] should become the chief executive officer of the company at year end,โ€™ Buffett said.

Investor and billionaire Warren Buffett told an arena full of shareholders on May 3 that he will retire by the end of the year, capping off roughly six decades of running his Berkshire Hathaway firm that made him a world-famous investor.

Buffett said he will recommend his firmโ€™s vice chairman, Greg Abel, to replace him in discussions with Berkshire Hathawayโ€™s board on Sunday.

โ€œI think the time has arrived where Greg should become the chief executive officer of the company at year end,โ€ Buffett said.

While Abel has been Buffettโ€™s designated successor for years, amid managing much of Berkshireโ€™s noninsurance businesses, it was expected that he would not take over until after Buffett died. Additionally, Buffett, 94, had always said he had no intention to retire.

The retirement announcement was made at the close of a five-hour question-and-answer period, with Buffett not taking questions on the topic. The only board members who knew ahead of time were his two children, Howard and Susie Buffett, he said.

Abel, who was positioned next to Buffett on stage, did not know in advance. An hour later, Abel returned without his boss to conduct Berkshire Hathawayโ€™s formal business meeting, where he reacted to the news.

โ€œI just want to say I couldnโ€™t be more humbled and honored to be part of Berkshire as we go forward,โ€ Abel said.

Many investors have expressed confidence in Abelโ€™s ability to run the firm, but itโ€™s not yet clear how that will extend to investments of Berkshireโ€™s funds. On Saturday, Buffett endorsed his successor and pledged to keep his money invested in the firm.

โ€œI have no intentionโ€”zeroโ€”of selling one share of Berkshire Hathaway. I will give it away eventually,โ€ Buffett said. โ€œThe decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Gregโ€™s management than mine.โ€

Byย Jacob Burg

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