In a landmark move signaling the end of an era, Warren Buffett’s retirement as CEO of Berkshire Hathaway was announced at the company’s annual shareholders’ meeting on May 3. At age 94, Buffett confirmed he will step down by year-end, with Vice Chairman Greg Abel taking over the top role. The decision came as a surprise — even to Abel, who learned of it during the meeting.
Buffett Confirms Smooth Transition
Buffett reassured shareholders that he has no intention of selling any of his Berkshire stock. He also shared that only his children had been informed of the transition plan ahead of the announcement.
Buffett’s six-decade leadership turned Berkshire Hathaway from a modest textile firm into a trillion-dollar conglomerate with $300 billion in liquid assets. Known as the “Oracle of Omaha,” Buffett earned global admiration for his investment wisdom and ability to communicate complex ideas with clarity.
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Trade Policy Warning
In a separate segment of the meeting, Buffett issued a strong message about global trade. Without naming former President Donald Trump, he criticized the use of tariffs as a political tool.
He reiterated his view that tariffs are a tax on consumers, not a magical source of government revenue. Buffett stressed that global prosperity is not a zero-sum game.
Concern Over Isolationism
Buffett cautioned against the dangers of isolationist rhetoric, suggesting that alienating the global community could backfire on America. “It’s a big mistake to have 7.5 billion people dislike you while 300 million boast about their success,” he warned.
Company Performance
Meanwhile, Berkshire Hathaway reported first-quarter profits of $9.6 billion — a 14% drop from last year. Earnings per share also declined to $4.47, reflecting turbulent market conditions.
Buffett’s exit marks a major shift in the business world, with investors now closely watching Greg Abel’s next steps as he takes the helm of one of America’s most iconic companies.
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