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?