Warren Buffett Confirms Retirement from Berkshire Hathaway by Year-End

Warren Buffett, the 94-year-old legendary investor and long-serving CEO of Berkshire Hathaway, has announced he will retire by the end of the year, recommending longtime lieutenant Greg Abel as his successor. Buffett’s decision, revealed at Berkshire’s annual shareholder meeting, surprised investors and even Abel himself, as only Buffett’s children on the board had prior knowledge. Abel, who currently oversees all of Berkshire’s noninsurance businesses, emphasized that he intends to maintain the disciplined, long-term investment philosophy that Buffett established, assuring investors that the company's core approach will not change. Under Abel’s leadership, Berkshire’s significant cash reserves will continue to be used as a strategic advantage, allowing the conglomerate to remain independent and opportunistic. Buffett, who transformed Berkshire into a trillion-dollar company, affirmed he will not sell his shares and expressed confidence that the firm’s prospects are strong under Abel. The transition marks the end of an era in global investing, but signals continuity in Berkshire’s values and operational strategy.