Saudi Press

Saudi Arabia and the world
Sunday, May 04, 2025

Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years

“Oracle of Omaha” Passes the Torch to Greg Abel, Signals Era of Transition at $1.1 Trillion Empire

After decades of defining American capitalism, Warren Buffett has announced he will step down as CEO of Berkshire Hathaway at the end of 2025. The 94-year-old investment legend made the revelation during Berkshire’s annual shareholder meeting, an event often dubbed “Woodstock for Capitalists,” drawing applause from thousands in attendance.

Greg Abel, vice chairman of Berkshire’s non-insurance operations, will succeed Buffett as CEO, pending board approval. Buffett will retain the role of chairman until his death, at which point his son, Howard Buffett, will assume that position. The move marks the formal end of Buffett’s reign as one of the most revered figures in financial history.

“Greg should become the chief executive officer of the company at year-end,” Buffett said. Only his children knew of his plan prior to the announcement.

Buffett has been synonymous with Berkshire Hathaway since 1965, transforming a struggling textile mill into a sprawling conglomerate valued at $1.1 trillion. Under his leadership, Berkshire acquired iconic businesses like See’s Candies and made major investments in American Express, Coca-Cola, and Apple.

The company’s success turned Buffett into one of the wealthiest individuals in the world. As of 2025, his net worth stands at $169 billion, making him the fifth richest person globally.

Born in Omaha in 1930, Buffett’s investing career began at age 11. By 15, he had already bought a Nebraska farm with his newspaper earnings. He studied at Columbia Business School and launched his first investment partnership with just $100. The rest, as history shows, became legend.

Buffett used the shareholder stage to address broader economic topics, expressing concern about U.S. trade policy. Calling tariffs a “big mistake,” he warned that “trade should not be a weapon,” and noted the global economy's increasing vulnerability to political missteps.

Berkshire’s latest earnings reflected that concern, with operating profits down 14% in Q1 and insurance underwriting income nearly halved year-over-year. Its quarterly report flagged international trade instability and tariffs as significant headwinds.

Despite this, Berkshire sits on an extraordinary $347 billion in cash. Buffett said the company remains patient for the right opportunities, avoiding rushed investments. “We’ve made a lot of money by not being fully invested at all times,” he said.

Buffett also offered rare praise to Apple CEO Tim Cook, stating, “Tim has made Berkshire more money than I’ve ever made Berkshire.” While Berkshire reduced its Apple stake in 2024, the tech giant remains its most valuable investment.

Abel, 62, is known for his disciplined leadership style and deep operational engagement. “Greg can do better at many things,” Buffett said, noting that Abel’s active approach contrasts with his own more relaxed pace.

As Buffett prepares to exit the CEO role, his legacy remains deeply intertwined with the fabric of American enterprise. His journey from selling chewing gum as a child to becoming the “Oracle of Omaha” has inspired generations of investors.

But as markets evolve and geopolitical uncertainty rises, the question now is: Can Berkshire thrive without the man who built it?


Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Worldwide Markets Decline as U.S.-China Trade Frictions Intensify
OpenAI Lands Unprecedented $40 Billion Investment
Removing the Political Adversary is Dismantling What's Remaining of Turkey's Economy.
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
Volunteers in Jeddah Ensure No One Goes Hungry During Ramadan Iftar
New Restaurant Opens in Makkah's Iconic Clock Tower for Ramadan Iftar
Saudi Arabia's Project Masam Removes 552 Houthi Mines in Yemen
Saudi Arabia Fines Over 400 Foreign Trucks for Regulatory Violations
Saudi National Campaign for Charitable Work Reports Significant Donations in Ramadan
Historic Al-Hosn Al-Asfal Mosque Restored in Asir as Part of National Heritage Initiative
KSrelief Expands Humanitarian Efforts in Syria, Sudan, and Lebanon
Saudi Arabia Advocates for Global Water Cooperation at Forum
Madinah Governor Tours Islamic Arts Biennale in Jeddah
Saudi Foreign Minister in Cairo to Lead Meeting on Gaza Developments
Recognition of Saudi and Pakistani Entrepreneurs at Riyadh Ceremony
UAE Announces $1.4 Trillion Investment Plan in the United States
Saudi Arabia Innovates in Soil Quality and Water Conservation
Governor of Taif Engages with Rose and Aromatic Plants Cooperative
Saudi Food and Drug Authority Enhances Preparations for Hajj Season
Saudi Arabia Distributes Aid to Yemen and Romania
Restoration of Historic Al-Qalaah Mosque in Riyadh Underlines Heritage Preservation Efforts
Saudi Arabia Arrests Over 25,000 for Immigration Violations in One Week
UAE’s ADQ and Energy Capital Partners Announce $25 Billion Energy Venture in the U.S.
KSrelief Launches Extensive Ramadan Food Aid Initiative
Ramadan Celebrations Revitalize Historic Jeddah
Makkah Authorities Urge Worshippers to Follow Crowd Management Guidelines
Direct Flights Between Dammam and Damascus Reestablished for Syrian Residents
Saudi Main Index Rises to Close at 11,760 Amid Mixed Market Performance
Moroccan Prime Minister Aziz Akhannouch Visits Prophet's Mosque in Madinah
Cultural Development Fund Hosts Third Annual Storytellers Event in Riyadh
Investment Surge in Fintech, Gaming, and Health Care Across MENA Region
Surging Prices for Religious Tourism in Saudi Arabia Amid Ramadan Rush
Middle Eastern Airlines’ Fleet Projected to Surge Above Global Growth Rates
Oil Prices Rise Amid Supply Concerns and Sanctions on Iran
×