At the Berkshire Hathaway annual meeting, Warren Buffett, after a six-decade run, announced his retirement at year’s end, recommending Vice Chairman Greg Abel as his successor. Abel, already managing Berkshire’s non-insurance businesses, will assume full CEO duties. Buffett, pledging to maintain his full Berkshire Hathaway investment, expressed confidence in Abel’s leadership, believing Berkshire’s prospects will improve under his management. The news was met with a standing ovation from thousands of attendees, marking the end of an era for the influential investor and his company.
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After 60 years as CEO, Warren Buffett is stepping down from Berkshire Hathaway, appointing Vice Chairman Greg Abel as his successor effective year-end. This announcement, made at the company’s annual shareholder meeting, followed Buffett’s sharp criticism of President Trump’s tariffs, which he condemned as “an act of war” detrimental to global prosperity. Buffett, who built Berkshire Hathaway into a massive conglomerate, will remain involved in the company to a limited degree. His departure marks the end of an era for one of the nation’s most influential companies.
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At age 94, Warren Buffett announced his retirement as CEO and chairman of Berkshire Hathaway at the end of 2025, recommending Greg Abel as his successor. This decision, revealed at Berkshire Hathaway’s annual shareholder meeting, surprised many despite Abel’s long-standing designation as successor. Buffett plans to retain his shares, believing Berkshire’s prospects are brighter under Abel’s leadership. The transition marks the end of Buffett’s 60-year tenure leading the company, transforming it into a trillion-dollar conglomerate.
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Berkshire Hathaway’s first-quarter operating earnings decreased 14% to $9.64 billion, primarily due to a 48.6% drop in insurance-underwriting profit, partially attributed to Southern California wildfires. The decline also reflects a $713 million foreign exchange loss, contrasting with a gain the previous year. Tariffs and geopolitical uncertainties, particularly impacting BNSF Railway and Geico, created an unpredictable environment and contributed to the decrease. Despite this, Berkshire’s cash reserves reached a record high of over $347 billion.
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John Q. Hosedrinker