Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year
SUMMARY
Warren Buffett shocked thousands of shareholders Saturday by announcing he will step down as CEO of Berkshire Hathaway at the end of the year, naming Vice Chairman Greg Abel as his successor. The 94-year-old billionaire made the announcement at the end of a five-hour Q&A session without taking questions about it. Abel, visibly surprised, later said he was “humbled and honored” to lead the company. Buffett has long said he would never retire voluntarily, and the timing — mid-meeting, without board-wide consultation — caught many off guard. Though Abel already oversees much of Berkshire’s operations, concerns remain about whether he can match Buffett’s legendary investment instincts, especially with the firm sitting on over $347 billion in cash and few obvious targets in sight. While Buffett pledged not to sell a single share, some analysts noted signs of slowing performance and questioned whether Berkshire can sustain its edge without the man who built it.
