Warren Buffett said on May 3 he is stepping down as CEO of Berkshire Hathaway, where he has been chief executive for 60 years, at the end of 2025. The billionaire investor made the announcement at the close of Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska. Greg Abel, who had been expected to be named CEO when Buffett retired, should take over at the end of the year, Buffett said.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year. Greg Abel would take over at that point, pending board approval, and Buffett said he would not sell one share of Berkshire stock. Abel, the vice chairman of non-insurance operations of Berkshire, was designated as Buffett’s successor in 2021. It is not clear whether Abel would assume the chairman role. “Greg should become the chief executive officer of the company at year-end, and I want to spring that on the directors effectively,” Buffett said at CHI Health Center in Omaha, Nebraska.

Legendary billionaire investor Warren Buffett announced plans to step down from Berkshire Hathaway by the end of the year, prompting lengthy applause from the crowd at the company’s annual shareholder meeting. Buffett, 94, recommended Berkshire Hathaway Chairperson Greg Abel as his replacement and said he had no plans to sell his stock in the company. The announcement came after Buffett ripped President Donald Trump’s widespread tariffs, warning the United States shouldn’t use “trade as a weapon” and anger the rest of the world.