Warren Buffett to step down as Berkshire Hathaway CEO
What's the story
Warren Buffett (94), the legendary investor and CEO of Berkshire Hathaway, has announced his retirement at the end of this year.
The "Oracle of Omaha," as he is popularly known, made the announcement at his company's annual meeting.
He said he believes it's time for Vice-Chairman Greg Abel to take over as CEO.
Abel was taken aback by the announcement but had been picked by Buffett four years ago as his successor.
Legacy
Legacy and future plans
Buffett, who turned Berkshire Hathaway from a failing textile maker into a $1.16 trillion investment behemoth, is widely considered the world's best investor.
Even after his retirement, he has no intention of selling off any of his Berkshire stocks.
"I have no intention, zero, of selling one share of Berkshire Hathaway," he said.
Influence
Impact on business leaders
Buffett's retirement announcement was met with applause from an audience of around 40,000 people.
Apple CEO Tim Cook praised Buffett's business legacy, stating that "there's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom."
Cook also expressed confidence in Abel leading Berkshire Hathaway into its next chapter.
Philanthropy
Buffett's philanthropic endeavors and personal life
Buffett, who has donated billions to charity, was recently ranked by Bloomberg as the world's fourth-wealthiest person with a net worth of $154 billion.
Despite his immense wealth, he has lived in the same modest house in Omaha for over 65 years.
The retirement announcement comes as Buffett expressed his views against President Donald Trump's tariffs during an investor meeting, advocating for trade as a means of global cooperation rather than conflict.