Alice Morgan, Photo Illustration by Investopedia
Warren Buffett, 94, the CEO of Berkshire Hathaway, the textile company he acquired in 1965 and turned into a trillion-dollar conglomerate, announced he was retiring at the end this year during the company’s annual shareholders meeting in Omaha, Neb.
The announcement was one that Buffett and his millions of investors had been waiting for.
Buffett has delegated his day-today running of Omaha-based Berkshire to Ajit Jain and Greg Abel. Charlie Munger, Berkshire’s former vice-chair who died in 2023 was the face and foundation for the company. Buffett asked shareholders for the 62-year old Abel to be named CEO. Abel has been with Berkshire for 25 years.
Elaine King, a financial planner from Miami, Fla., and a Berkshire shareholder, said, “Buffett is a true definition of legacy.” He empowers other people, tells it like it really is, and knows the right time to hand over the torch. “His leadership has taught us many lessons in life.”
In the time since Buffett took the helm of Berkshire in 1965, the company’s shares have gained close to 20% a year through the end of 2024, compared to the S&P 500’s average annual gain of just over 10%, including reinvested dividends.
This article has been updated to include new information since it was originally published.
