Warren Buffett, the famous billionaire and CEO of Berkshire Hathaway Inc., announced during the company's annual shareholder meeting in Omaha, Nebraska, that he will step down from his position at the end of this year, after six decades at the helm of the conglomerate. Buffett, 94 years old, named Greg Abel, the current vice president of non-insurance operations, as his designated successor to lead the company.
Buffett received a prolonged standing ovation from the investors present in the Omaha arena after this announcement. Regarding his decision, Buffett expressed that he believes Berkshire Hathaway's prospects will be better under Abel's management than under his own, thus supporting the designated successor to take control of the company.
In Buffett's words during the meeting, "I have no intention — zero — of selling a single share of Berkshire Hathaway." Throughout his leadership, Buffett has turned Berkshire Hathaway into a company valued at over $1.16 trillion, standing out for his investment acumen and witty remarks.
Additionally, Buffett took the opportunity to warn about the global consequences of tariffs imposed by President Donald Trump. He commented that aggressive trade policies could increase the risk of global instability by angering other nations. Although Buffett considers it important to maintain a balance in trade among countries, he questioned the effectiveness of the broad tariffs imposed by Trump.
Buffett's support for Greg Abel as his designated successor is not something improvised, as Abel has been managing Berkshire's non-insurance businesses for some time. The leadership transition will occur gradually and strategically to ensure the continuity and long-term success of the company.
