The Latest Breaking News from Warren Buffett

The announcement, following a five-hour question-and-answer period at the company's annual shareholders' meeting on Saturday came as a big surprise, as the 94-year-old had previously said he did not plan to retire.

Berkshire Hathaway CEO Warren Buffett announced Saturday that he plans to step down by the end of the year.

When Warren Buffett announced at his annual shareholder meeting that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants

Admired for his investing prowess and a taste for the simple things in life rather than luxury, billionaire Warren Buffett has won public affection even as he amassed a fortune for the ages -- riches that the "Oracle of Omaha" has pledged to give away.

Billionaire shocked audience of investors with disclosure and said his vice-chair, Greg Abel, should take over

The 94-year-old made the announcement at the company’s 2025 investor conference on Saturday

Billionaire investor Buffett – who will turn 95 in August – announced Abel as the man to take over his investing juggernaut back in May 2021

"I think they'll be unanimously in favor of it, and that would mean that at year-end Greg would be the chief executive officer of Berkshire and I would still hang around."

“You’re going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends.”