- Warren Buffett stated he will step down as the CEO of Berkshire Hathaway by the end of this year.
- He has recommended that Greg Abel, a vice chair at the company, succeed him.
- Condolences have been flooding in from prominent business figures like Bill Gates, Mark Cuban, and Tim Cook.
Warren Buffett
said he would step down as Berkshire Hathaway’s CEO after 55 years, eliciting tributes from investors and business leaders.
Buffett, 94, made the announcement on Saturday during the company’s annual shareholder meeting in Omaha, Nebraska. The crowd gave
Buffett two standing ovations
, acknowledging his career as the longest-serving chief executive of an S&P 500 company.
He said he intended to step down at the end of 2025 and recommended to the board of directors that
Greg Abel
, now a vice chair at the company, take over as CEO.
Since acquiring Berkshire Hathaway in 1965—a New England textile company—Buffett has consistently been a dominant figure both as an investor and entrepreneur. He reshaped this enterprise into a colossal $1 trillion holding firm with interests across various sectors.
After Buffett’s declaration, entrepreneurs worldwide expressed their respects through messages of tribute.
Bill Gates
In a statement to Business Insider, Microsoft co-founder Bill Gates referred to Buffett as “one of the greatest CEOs ever” and “undoubtedly the most successful investor in history.”
Buffett and Gates have been acquaintances for 30 years since they first met in the ’90s. Over these many years, they’ve collaborated extensively on charitable initiatives, even though
their friendship has cooled
in recent years.
“He has built an extraordinary company in Berkshire Hathaway, and he’s done it with wisdom, integrity, and a phenomenal sense of humor. But Warren hasn’t been satisfied with setting an example as a businessman. When he decided to give his wealth back to society, he set an example as a philanthropist, too. His legacy will inspire generations to come,” Gates said.
Tim Cook
The head of Apple commended Buffett in an X post made on Saturday.
“There’s never been someone like Warren,” Cook wrote. “It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Jamie Dimon
Dimon, the chief executive of JPMorgan Chase and a fixture of Wall Street, praised Buffett in a message after the investor’s big announcement.
Warren Buffett embodies all that is positive about American capitalism and America as a whole — investing in the development of our country and its enterprises with honesty, hopefulness, and practicality,” he stated according to Reuters. “His teachings have profoundly influenced me up until now, and I feel privileged to count him among my friends.
Brian Moynihan
The Chairman and Chief Executive Officer of Bank of America, Brian Moynihan, informed Business Insider that Buffett has had an unmatched level of success throughout his more than seven-decade-long career.
Before starting to offload its shares last year, Bank of America was among Berkshire Hathaway’s biggest investments.
Beyond his achievements in business, his exceptional charitable contributions remain a benchmark for others to aspire to,” Moynihan said via email to BI. “The wisdom he imparts transcends age and holds the same value as his sharp business skills. Personally, I’ve gained considerable insight from him and am eager to keep benefiting from his knowledge. He has been incredibly supportive and invested in both Bank of America and the economic growth of our country, along with fostering innovation across the U.S.
Bill Gross
The billionaire investor and co-founder of PIMCO, Bill Gross, stated through an email to Business Insider that Buffett’s insight distinguished him from his peers in the investment world.
Gross explained to BI that his perspective wasn’t confined merely to an upbeat outlook for tomorrow. “By structuring his insurance operations in a way that let him invest collected premiums almost free-of-charge into more profitable ventures like Coca-Cola, American Express, and Apple, he generated significant margins,” this approach eventually amassed billions and earned him acclaim beyond being recognized simply as an astute stock selector.
financial structural wizard
.”
Gross also praised Buffett and reminisced about how, back in the day on X, his firm provided Berkshire one of its initial loans during the mid-1970s.
“I had zero knowledge about insurance and candy stores, yet I was convinced by his enduring perspective on the economy and markets,” Gross penned. “Congrats, my friend—not only for the figures—but also for your generosity and dedication over the years. Sharing a cherry Coke with you stood out as one of the highlights of my professional journey.”
Mark Cuban
Cuban told Business Insider in an email that Buffett was his “investing hero” and shared a photo of him with the investing legend at a Dairy Queen in Omaha.
“We used to go to DQ in Omaha,” Cuban wrote. “It was the highlight of my year.”
Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.
Spencer Hakimian
The founder of Tolou Capital Management, Hakimian, posted a video on X showing Buffett getting a standing ovation from attendees at Berkshire Hathaway’s yearly gathering.
“The curtain falls for the captain,” Hakimian penned.
Ron Olson
Olson, a Berkshire Hathaway board member, told CNBC that Buffett has “lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel.”
Olson also believed Abel “is ready” for the role.
There’s no question about that; we’ve been aware of it for quite some time,” Olson said to the publication.
French Hill
The Republican Congressman from Arkansas and ex-businessman told CNBC that Buffett, Abel, along with Berkshire Hathaway’s board, have performed admirably over the past ten years in readying shareholders for what we see now.
Hill mentioned that he has looked up to Buffett ever since his university years.
“In 1993, when I left public service and returned to the private sector working in investments, Warren Buffett became my inspiration—someone I’ve never actually met, yet have always looked up to over the years,” Hill shared with the publication.
Stephen Squeri
The chairperson and Chief Executive Officer of American Express conveyed through an email to Business Insider that Buffett “has enjoyed one of the most legendary careers in the annals of American commerce.”
Squeri also mentioned that Buffett’s “unmatched vision and profound commitment to shareholders stand out, along with his exceptional humility and wit—rare traits in leadership that make collaborating with Warren an enjoyable experience.”
He mentioned that American Express, where Berkshire Hathaway has a minority share, anticipates “continuing to collaborate with Greg as he expands upon Warren’s legacy.”
Seth Klarman
The head of the Baupost Group hedge fund said via email to Business Insider that Buffett participated in an “investment marathon” for many years and performed exceptionally well under various circumstances.
He is not just an investor; he is a visionary business leader, educator, exemplar, and humanitarian. To me, he has always been a guide, and I believe he’ll continue making significant contributions across all these domains for many years ahead. No one quite compares to him!
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