Billionaire Warren Buffett is about to retire: Looking back at 6 glorious decades

Billionaire Warren Buffett attends an event in Omaha, Nebraska (USA), May 3, 2019. (Photo: AFP/VNA)

He announced that he will step down as CEO of Berkshire Hathaway at the end of 2025, handing over power to Vice Chairman Greg Abel and ending 60 years at the helm of this illustrious investment group.

The move marks the end of a remarkable era at Berkshire, during which Mr. Buffett made his name as a billionaire and an icon of American success.

The 94-year-old billionaire made the announcement at Berkshire's annual meeting in Omaha on May 3.

He added that he would “stay on” and could be useful in some cases, but the final decision would be up to Mr Abel.

Mr Buffett revealed that Mr Abel and most of Berkshire's board of directors had no prior knowledge of his plans, although he had informed his two children, who are also board members.

Berkshire's board of directors is scheduled to meet on Sunday (May 4 local time) to discuss the transition.

The billionaire's son, Howard Buffett, is expected to succeed his father as non-executive chairman of Berkshire in the future, helping to maintain the company's unique culture.

Buffett also said he has “absolutely no intention” of selling any of his Berkshire shares, which will be donated to charity after his death.

He explained that the decision to retain all the shares was an economic one, as he believed Berkshire's prospects would be better under Mr Abel's management.

Warren Buffett's announcement was met with praise from CEOs and investors.

JPMorgan Chase & Co. CEO Jamie Dimon said Buffett represents the best of American capitalism and America itself: Investing in the growth of the nation and businesses with integrity, optimism and wisdom.

Apple CEO Tim Cook wrote on social media X that there has never been anyone like Buffett. And countless people, including Cook himself, have been inspired by the famous investor's wisdom.

Mr. Abel (62 years old) has been Vice Chairman of Berkshire since 2018 and was named as the expected successor to the CEO position in 2021.

Speaking to shareholders, Mr. Abel expressed his humility and honor to be part of Berkshire in the next phase.

However, Mr. Abel will face significant challenges, including how to help Berkshire continue to grow sustainably without buying companies at too high a price, deciding whether to pay dividends or not, and how to effectively deploy the huge cash pile of up to 347.7 billion USD as of the end of March 2025.

In addition, a big question for investors is whether Berkshire will still retain the "Buffett premium" - the added value thanks to the legendary investor's reputation and talent - when he is no longer directly running the corporation.

The resignation caps a remarkable 60-year journey: Mr. Buffett transformed Berkshire from a struggling textile company into a $1.16 trillion conglomerate with diverse businesses across the U.S. economy.

According to Forbes magazine, the billionaire's personal assets amount to 168.2 billion USD and almost all of it is in Berkshire stocks.

He is known as the “Oracle of Omaha” not only for his resounding investment success but also for his everyday wisdom and simple lifestyle.

Despite Berkshire's stock growing by a whopping 5,502,284% between 1965 and 2024, he has never moved out of the house he bought for $31,500 in 1958./.

According to VNA

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