Warren Buffett on Saturday announced his plans to retire by the end of the year recommending Greg Abel as his successor to lead Berkshire Hathaway.
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.
He announced his retirement at the close of a five-hour Q&A session during the annual shareholder meeting , declining to take questions on the decision. He revealed that only his children, Howard and Susie Buffett, were aware beforehand, while Greg Abel—seated beside him on stage—had no prior notice.
While many investors believe Abel is well-suited to lead Berkshire Hathaway, questions remain about his investment acumen. Buffett reinforced his confidence in Abel by pledging to keep his fortune invested in the company.
Further adding in his statement revealing that he’ll retain his shareholding and lending support to Abel, the billionaire investor added, “I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually.”
“The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine,” he further said, justifying his decision.
Addressing the crowd at the shareholders meeting, Buffett had also cautioned about the severe global repercussions of US President Donald Trump’s tariffs, telling thousands of investors present that “trade should not be a weapon,” while acknowledging that “there’s no question trade can be an act of war.”
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said. “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he added.