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Posted on 05/03/2025 12:14:45 PM PDT by E. Pluribus Unum
OMAHA, Neb. (AP) — Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year.
Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.
Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed he wouldn’t take over until after Buffett’s death. Previously, the 94-year-old Buffett has always said he has no plans to retire.
Buffett announced the news at the end of a five-hour question and answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.
About an hour later, Abel came out to oversee the formal Berkshire business meeting without Buffett, and he addressed the announcement.
“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said.
Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire’s cash. Buffett also endorsed him Saturday by pledging to keep his fortune invested in the company.
“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “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.”
(Excerpt) Read more at apnews.com ...
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Thank you very much and God bless you.
Quite the vote of confidence.
I find it interesting that whenever something is written about Trump it includes his age. And my reading of the selection, does not mention that he is 94 as he retires.
My apologies, I missed the reference to his age at the bottom of the 4th paragraph.
“94 Year Old Retires — World ‘Shocked’”
HE IS 94!
One of the few rich people who seemed to keep it in perspective. Trump is another one I think who kept a level head about being rich.
Warren Buffett is similar to Rupert Murdoch, in that both men have been blessed with very long lives, while maintaining most, if not all of their mental capabilities.
Probably,the fact that they are stratospherically rich, provide enough stimulation to keep the mind whirling.
“What should I buy? What should I sell? What is better off being donated for tax purposes?”
Somehow I don’t think he’ll stop daytrading.
I hope he saved enough. You can’t totally rely on social security these days.....
Brilliant move by Warren, obviously planned well ahead of time. I’ve waited for this with anticipation. A great opportunity to get a ‘sale price’ on the best stock in the world, we’ll how people react.
Do you mean by selling stocks and moving so much to cash/treasuries so they can buy it back on the cheap?
At 94?
Another old guy who never understood what it means to step aside and let your work speak for itself. Instead, he as an ego as large as his fortune.
When I saw him kill Keystone to make billions on his trains, it made me sick to my stomach.
I am not a “kill the rich” person. But he is not a nice or good person.
(“94 Year Old Retires — World ‘Shocked’”)
It’s unheard of!!!
No precedent!!!
The Wall Street Propaganda Journal will breathlessly report on this “financial
omen”
Have not paid attention. What happened to Charlie Munger?
Lol.
He’ll be okay. Now he’ll concentrate on the hot women.
Charlie Munger died in November2023 at 99 years old.
You’re right. He’s not a decent person at all.
Interesting comment, never heard that before. I thought FJB killed the Keystone pipeline. For what its worth.
Interesting comment, never heard that before. I thought FJB killed the Keystone pipeline. For what its worth.
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