Warren Buffett Resigns as CEO of Berkshire Hathaway at 95

BREAKING NEWS: Warren Buffett, the legendary investor, has just announced his resignation as CEO of Berkshire Hathaway, effective immediately. At the age of 95, he will remain as chairman but steps back from the executive role he has held for over six decades.

In a letter to shareholders, Buffett confirmed that while he is stepping down as CEO, he plans to continue supporting his successor, Greg Abel. “I will still hang around and could conceivably be useful,” Buffett stated, emphasizing his enduring commitment to the company he transformed from a struggling textile mill into a global powerhouse.

Buffett, who famously said that retirement would be “unthinkable,” has consistently expressed his love for Berkshire. “I’m not going to sit at home and watch soap operas,” he told The Wall Street Journal. His dedication remains evident as he still works at the Omaha headquarters five days a week, demonstrating a passion for investing that has defined his career.

This announcement comes just months after Buffett revealed his plans to shareholders in May. His departure marks a significant moment in Berkshire’s history, as Buffett has been a pivotal figure since he took control in 1965. Under his leadership, the company has acquired numerous businesses, including Geico and NetJets, and holds substantial stakes in major corporations like Coca-Cola and Kraft Heinz.

During Berkshire’s annual meetings, Buffett often expressed his enjoyment of his work, stating, “We’ve got the best job in the world.” His philosophy has always centered around the joy of investing and working with trusted colleagues. “Investing Berkshire’s capital inside and outside the company is the most enjoyable thing to do in the world,” he said during a 2012 meeting.

Buffett’s decision to stay involved as chairman reflects his belief that his role at Berkshire is far from over. “Berkshire is my first love and one that will never fade,” he wrote in a shareholder letter back in 1991. He once told an audience that the prospect of retirement would be “the worst,” placing it second only to death.

As Buffett transitions out of the CEO role, all eyes will be on Greg Abel, who has been groomed for this position. The business community is keen to see how Abel will steer Berkshire Hathaway into the future while continuing Buffett’s legacy of excellence.

WHAT’S NEXT: Keep an eye on Berkshire Hathaway’s upcoming shareholder meetings and announcements as the company enters a new era under Abel’s leadership. Buffett’s ongoing presence as chairman will surely influence the strategic direction and culture of the conglomerate.

This development is significant not only for Berkshire Hathaway but also for investors and business leaders worldwide, marking the end of an era and the beginning of a new chapter in the saga of one of the most influential figures in finance.