In a historic announcement, 94-year-old Warren Buffett, the legendary chairman and CEO of Berkshire Hathaway and the world’s fifth-richest person, revealed at the company’s annual shareholder meeting in Omaha, Nebraska, that he will retire by the end of the year. The decision stunned over 40,000 attendees, who gave Buffett a standing ovation for his transformative leadership. Buffett also named his successor, confirming that Vice Chairman Greg Abel will take the helm as CEO, marking a new chapter for the conglomerate.

Greg Abel, designated as Buffett’s successor since 2021, currently oversees Berkshire’s non-insurance businesses. The 62-year-old Canadian executive will now manage the company’s entire operations, including its insurance portfolio and investment strategies. Praising Abel’s capabilities, Buffett said, “Berkshire’s future is brighter under Greg’s leadership than it was under mine.” Buffett clarified that he will remain a shareholder and serve as an advisor, but all major decisions will rest with Abel. “I have no intention of selling a single Berkshire share. I’ll eventually donate it,” he added.

During the meeting, Buffett critiqued U.S. trade policies, particularly tariffs imposed by former President Donald Trump, warning, “Trade should not be weaponized for political ends.” Berkshire’s latest quarterly report revealed a record cash reserve of $347.7 billion, though the company has reduced investments in firms like Apple and Bank of America over the past ten quarters. Abel’s appointment has been warmly received by investors and analysts, but leading Berkshire without Buffett’s towering reputation will be a formidable challenge.

Buffett’s retirement signals the end of an era, yet his investment philosophy and legacy will continue to shape Berkshire Hathaway’s trajectory. As Abel prepares to steer the company, the financial world watches closely, anticipating how he will build on Buffett’s unparalleled success while navigating a complex global market.