Warren Buffett announces retirement

Warren Buffett announced he will step down as CEO of Berkshire Hathaway at the end of the year, ending a legendary 55-year run.

The 94-year-old made the surprise announcement at the close of the company’s 60th annual shareholder meeting in Omaha, stunning the business world.

Even Greg Abel, Buffett’s successor, was unaware of the announcement and caught him by surprise.

Able is the current vice-chair of Berkshire’s non-insurance operations.

Buffett said he would remain available in a limited advisory role and wants Abel to lead fully. He also confirmed he won’t sell any shares: “I have no intention — zero — in selling one share of Berkshire Hathaway.”

Berkshire’s growth under Buffett
Buffett took control of Berkshire in 1965 when it was a struggling textile company. Today, it’s a $900 billion conglomerate with nearly 200 subsidiaries across insurance (Geico), railroads, utilities, aerospace, retail, and even candy. 

Buffett’s frugal style and long-term investment vision helped make him a global icon and one of the world’s wealthiest individuals, with a net worth of $168 billion.

Berkshire shares have soared ~20% this year, closing Friday at a record $809,808.50, even as the S&P 500 dipped 3%.