Warren Buffett to Retire as CEO of Berkshire Hathaway at Year-End

Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, announced during the annual meeting that he will retire at the year's end, entrusting leadership to Vice-Chairman Greg Abel, whom he selected as his successor four years prior. Despite his departure, Buffett emphasized he would retain his shares in the company, stating they would be given away. His retirement follows a longstanding career that transformed Berkshire from modest beginnings into a colossal investment entity.

Warren Buffett, the venerable Oracle of Omaha, has shared plans to step down as CEO of Berkshire Hathaway by the end of 2023. At a recent annual meeting attended by 40,000 people, the 94-year-old investor revealed he would officially hand over the company's leadership to Vice-Chairman Greg Abel. Buffett, who has played a crucial role in shaping the investment landscape, expressed confidence in Abel's capabilities, humorously noting the audience's response could be interpreted in various ways. He also reassured shareholders that he intends to retain his stake in Berkshire, claiming, "I have no intention, zero, of selling one share." The announcement comes amid a noteworthy career, wherein Buffett has successfully transformed Berkshire Hathaway from a struggling textile producer into a $1.16 trillion investment powerhouse, boasting a diverse portfolio that includes renowned brands like Geico and Dairy Queen. Despite his immense wealth, Buffett continues to live in his longtime Omaha residence and has committed to philanthropic efforts, being recognized among the world's wealthiest individuals. Following the announcement, Apple CEO Tim Cook and other business leaders praised Buffett's lasting impact on business and investing.