After nearly six decades at the helm, Warren Buffett has officially stepped down as chief executive officer of Berkshire Hathaway, marking the end of a transformative chapter in American capitalism.
The 95-year-old billionaire investor, who previously announced his retirement plans for May, will remain chairman to provide strategic guidance as the company transitions into its next phase. His departure was confirmed by Berkshire Hathaway on Thursday.
Buffett leaves behind a $381.7 billion cash reserve and transformed Berkshire Hathaway from a struggling textile mill into a global financial powerhouse spanning approximately 90 companies with a market value exceeding $1 trillion.
Gregory Abel, 63, who has managed Berkshire’s energy division for years, will assume the CEO role. Buffett described Abel as a “steady operator” and a trusted lieutenant in building the conglomerate’s energy business into a global force.
The transition follows Buffett’s decades-long partnership with Charlie Munger, who passed away in 2023 at age 99. Both men were known for their annual shareholder meetings that became legendary events in finance.
Buffett began his investment journey at age 12 when he bought $114.75 worth of stock in 1942. By his early 30s, he had become a millionaire and reached billionaire status by his mid-50s.
In his final remarks, Buffett emphasized: “Our unwavering conclusion: never bet against America.”