Warren Buffett announced he will step down as CEO of Berkshire Hathaway at the end of the year. He made the announcement at the company’s annual meeting in Omaha, Nebraska on Saturday. Buffett, 94, said Vice-Chairman Greg Abel will take over as CEO.
“I think the time has arrived where Greg should become the chief executive of the company at year-end,” Buffett said to applause from the crowd of around 40,000. He joked, “The enthusiasm shown by that response could be interpreted in two ways.”
Buffett said the only people who knew about his decision beforehand were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, seemed surprised by the announcement.
Buffett had chosen Abel as his successor four years ago but did not indicate at the time when he would retire. During the meeting, Buffett said he has no plans to sell any of his Berkshire stock. “I have no intention, zero, of selling one share of Berkshire Hathaway.
Buffett announces retirement plans
It will get given away,” he said to cheers. Several business leaders praised Buffett’s legacy after the announcement.
Apple CEO Tim Cook said, “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Buffett also spoke out against tariffs at the meeting, saying the US should not use “trade as a weapon.” He said, “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.
We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.”
Berkshire Hathaway owns over 60 companies and has major stakes in Apple, Coca-Cola, Bank of America and others. Buffett, who has given billions to charity, is ranked as the world’s fourth wealthiest person with a net worth of $154 billion.
He has lived in the same modest house in Omaha for over 65 years.
Image Credits: Photo by Firmbee.com on Unsplash
