Warren Buffett announces decision to step down as CEO, recommends Greg Abel as successor: Berkshire 2025 meeting highlights

Warren Buffett Retirement Announcement 2025: It was the end of an era for multitudes of market participants around the globe as legendary investor Warren Buffett, 94, on Saturday announced his decision to step down as CEO of Berkshire Hathaway, a company he took control of in 1965. Buffett said he will soon ask the conglomerate’s board to appoint Greg Abel as his successor by the end of 2025. The announcement comes roughly four years after Abel was named the next CEO.

Many investors globally were left surprised as they tracked updates from the annual Berkshire meeting, an event followed closely not just by the conglomerate’s or Wall Street investors but also by investors in other parts of the world.

Berkshire Annual Meeting 2025 | Warren Buffett announces retirement

Buffett’s retirement announcement comes after six decades of leadership at a company that he spearheaded the transformation of into one of the world’s strongest conglomerates from a textile manufacturer.

The announcement came during a question and answer session at the annual meeting that stretched to almost five hours at its headquarters in Omaha, Nebraska, USA.

“I think the time has arrived…”: What Warren Buffett said as he announced retirement

“I think the time has arrived where Greg should become CEO at year-end,” said Buffett, with Abel seated next to him on stage.

Here’s what else the legendary investor said at the meeting:

• The decision to keep every share is an economic decision
• I think the prospects of Berkshire will be better under Greg’s management than mine

Who is Greg Abel, the man set to replace Warren Buffett as Berkshire CEO?

Abel is currently serving as vice chairman of Berkshire Hathaway.

He oversees the company’s non-insurance operations.

Abel has been viewed as Buffett’s heir apparent for years.

With the much-anticipated transition later this year, Abel is set to take full control of Berkshire.

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What Greg Abel said at Berkshire 2025 meeting

About an hour later after the grand announcement, Abel took stage and said: “Just want to say I couldn’t be more humbled and honoured to be part of Berkshire as we go forward.”

How Warren Buffett views Donald Trump’s tariff announcements

Earlier at the meeting, Buffett blamed trade tariffs for heightened instability in the US.

“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well,” said Buffett.

“You have 300 million who are crowing about how they have done,” he added.

His remarks come at a time when the 47th US President on April 9 announced a 90-day pause on America’s “reciprocal” tariffs for most of its trade partners.

However, China is excluded from this tariff suspension. In fact, the US has hiked a duty on goods from the world’s second largest economy to 125 per cent.

Meanwhile, official data released last week showed the US economy contracted 0.3 per cent in the March quarter, in stark contrast to a 2.4 per cent expansion in the previous three months.

ALSO READ: Trump Tariff Turbulence: US GDP contracts 0.3% in Q1 as bulls stare at trade uncertainty