Warren Buffett, the renowned 'Oracle of Omaha', has announced his intention to retire as CEO of Berkshire Hathaway by year's end - bringing an unexpected close to his six-decade tenure. The esteemed American investor plans to propose Greg Abel, current chair of Berkshire Hathaway Energy, as his successor to the company's board.
"I think the time has arrived where Greg should become the chief executive officer of the company at year-end," Buffett declared, as reported by .
Despite stepping down from his leadership role after 60 annual general meetings, Buffett reassured that he has no plans to divest his shares in the company. "I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually," he affirmed.
Buffett expressed confidence in the future of Berkshire under Abel's stewardship, stating, "The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg's management than mine."
In revealing his retirement plans, Buffett disclosed that only his children Howie and Susie, both directors at Berkshire, were privy to his decision beforehand.
Despite giving no prior indication of his impending retirement to the press, Buffett had hinted at a prolonged career back in 2023, expressing his desire to keep "playing in extra innings".
Reflecting on the announcement, Keith Ashworth-Lord, CIO of Sanford DeLand Asset Management, told City AM: "I feel privileged to have been here in 2023 for what turned out to be Charlie's last appearance and now, in 2025, to what might be Warren's."
In 2023, Charlie Munger, vice chair of Berkshire Hathaway, made his final appearance on stage at the meeting before his death later that year.
"Truly the end of an era," added Ashworth-Lord.
