Everyone I know is talking about it. Warren Buffett will retire as CEO of Berkshire Hathaway at the end of 2025, after an incredible 60-year run. The 94-year-old made the announcement at the company’s annual meeting over the weekend, naming vice-chair Greg Abel as his successor.
Apparently, neither Abel nor anyone on the board saw it coming. Classic Buffett move. He did mention he will “still hang around and conceivably be helpful in a handful of cases” which, coming from Buffett, could mean anything from advising on a multi-billion-dollar deal to offering book recommendations.
He also quipped that the board might be “more welcome to giving Abel more authority on large acquisitions probably if they knew I was around.” He is stepping back, but not too far. Abel has been CEO of Berkshire Hathaway Energy since 2008, back when it was still called MidAmerican before Buffett bought it and gave it a new name (as billionaires do).
What do I think of Buffett personally? I have been following Buffett’s work since my college days more than 30 years ago, and it is no exaggeration to say he is truly one of the greatest of all time. Not just a legendary investor, but also a world-class educator and inspiration. Even in retirement, he is still teaching us how to leave the stage with grace, wit, and a good dose of surprise.
Enjoy a well-deserved retirement, Warren Buffett. There is more to life than wealth. Thank you sir!