At the 60th annual meeting of Berkshire Hathaway, attended by 19,700 investors, Warren Buffett revealed his plans to retire as CEO, with Vice Chairman Greg Abel set to succeed him by January 1, 2026. This transition marks a significant change for the company. Despite reporting a 14% decline in operating earnings to $9.6 billion, Buffett expressed unwavering confidence in Abel, stating he would not sell any shares, believing that the company would thrive under Abel's management. Berkshire Hathaway is currently valued at $1.11 trillion.
Buffett announced in the final five minutes of the meeting that 'the time [had] arrived' for him to step down as CEO and hand over to Greg Abel.
Buffett emphasized his confidence in Abel by stating he had 'no intention - zero - of selling one share of Berkshire Hathaway' due to his faith in Abel's leadership.
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