Warren Buffett announces planned successor at Berkshire shareholder meeting

During the 2025 Berkshire Hathaway annual shareholder meeting, Warren Buffett surprised attendees by announcing his intention to step down as CEO by year-end, naming Greg Abel as his recommended successor. Buffett emphasized that he would remain involved with the company and not sell any shares, while the board will decide on the transition path. He also expressed concerns about U.S. tariffs, arguing that trade should not be used as a weapon and that global prosperity benefits everyone. Financially, Berkshire's first-quarter revenue was nearly flat at $89.73 billion, with net earnings dropping significantly compared to the previous year, though the company's cash holdings increased. These developments mark a significant leadership transition and reflect ongoing challenges and opportunities for the conglomerate.