Warren Buffett ⁣Plans to⁢ Step Down as Berkshire Hathaway CEO; Names Successor

OMAHA, Neb. (AP) — Warren Buffett, the 94-year-old⁤ chairman and CEO of Berkshire Hathaway, announced plans to resign from his position by the end of⁤ 2025. The proclamation came⁢ during the company’s annual ⁣shareholder meeting. Buffett, often called the‍ “Oracle of Omaha” for his investment acumen, also named Greg Abel as his intended successor.

Buffett Criticizes Trade Policies

During the shareholder‍ meeting, buffett addressed trade ‍policies, ‍seemingly directing criticism at former ⁢president Donald Trump without explicitly naming him. “There is ⁢there’s no doubt whatsoever that trade ⁣can⁢ be an act of war,” Buffett said, cautioning against using ⁤trade as a weapon.

He emphasized the potential dangers of a nation projecting superiority and alienating othre countries. “It’s a‍ big mistake, I think, when you have 7.5 billion people who don’t appreciate ⁤you much and 300 ‍million who somehow boast about how well they have done,” he stated. ‍His remarks come amid growing concerns among analysts about the potential for trade duties to negatively impact global economic⁢ growth.

Buffett previously told CBS that duties are essentially “a tax⁣ on goods,” contradicting suggestions that they are ⁢a painless revenue source. He urged the U.S. to continue engaging in international trade, focusing on its strengths. “I think that if the rest of the world becomes rich, it will ⁤not be at our expense;⁤ the more we prosper, the more we will feel safe,” Buffett added.

Abel to Take the Reins

Buffett has lead Berkshire Hathaway since 1965, transforming it from a ‍struggling textile company into a multinational conglomerate. The holding⁤ company’s ⁣diverse portfolio includes insurance, energy, manufacturing, and retail businesses. According to the Bloomberg Billionaires Index ⁢in 2024, Buffett’s net worth was estimated at $147 billion.

Buffett⁤ expressed confidence in Abel’s ability to lead the company. “The time came when Greg should become the CEO of the company at the end of the year. I want to ⁤convince the managers promptly and get ⁢this recommendation,” Buffett said during‍ the meeting.Abel currently serves as the vice chairman of non-insurance operations.

Berkshire Hathaway’s initial focus on insurance provided the capital for its subsequent investments. The company now boasts annual⁤ revenues of approximately $250 billion.