Warren Buffett Announces Retirement, Greg Abel Set to Succeed as CEO

Warren Buffett announced his intention to retire as CEO of Berkshire Hathaway by the end of the year, recommending Vice Chairman Greg Abel as his successor—a move that surprised shareholders and even Abel himself, who was not informed beforehand. Buffett, who transformed Berkshire from a failing textile mill into a $1.2 trillion conglomerate over six decades, stated that he would remain available to help but emphasized that Abel will have full authority over company operations and capital deployment. Despite stepping down, Buffett pledged not to sell any of his Berkshire shares, expressing strong confidence in Abel's leadership and the company's future prospects. He also used the occasion to voice criticism of tariffs and unsustainable government spending, advocating for global cooperation and fiscal responsibility. Shareholders responded with a standing ovation, reflecting both admiration for Buffett's legacy and cautious optimism for the company's next chapter under Abel.