During the annual Berkshire Hathaway meeting, Warren Buffett, for the first time, hinted at his impending retirement as CEO at the year's end. While addressing a crowd of 40,000, he provided a five-minute warning, hinting at significant news. This marked a notable shift in his long-standing tenure, astonishing not only the audience but also his board and designated successor. The atmosphere changed as directors and prominent guests, such as Bill Gates and Hillary Clinton, registered shock and sadness over the announcement of Buffett's retirement after 60 years of leadership.
For a decade, I had the privilege of sitting on that stage with other journalists, posing questions to him and for so many years, his late business partner Charlie Munger on behalf of shareholders and the wider public.
After 60 years of running the company he has described as his painting, Buffett was about to surprise Berkshire investors as well as his own board and his heir apparent, Greg Abel that he planned to step down as chief executive at year end.
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