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Warren Buffett shocked the business world by announcing his retirement as CEO of Berkshire Hathaway after 60 years at the helm. During the annual shareholder meeting in Omaha on May 3, 2025, Buffett revealed he would step down at the end of this year, recommending Greg Abel, Berkshire's Vice Chairman of Non-Insurance Operations, to take over as CEO effective January 1, 2026. Berkshire's Board of Directors unanimously approved this succession plan on May 4, though Buffett will continue as Chairman of the Board.

The 2025 Berkshire Hathaway annual meeting became a historic event, drawing global attention as the 94-year-old investing legend presided over what will be one of his final meetings as CEO. CNBC provided comprehensive coverage of the event, broadcasting the full Q&A sessions where Buffett also shared his thoughts on the recent stock market correction, Trump's trade policies, and the national debt.

Business Insider reported that Buffett's announcement came as a surprise even to those in attendance, including journalist Theron Mohamed who flew from London to cover the meeting. Mohamed later joined Berkshire shareholders in the traditional Brooks 5K race following the momentous news.

While Buffett's retirement dominated headlines, his investment strategies continue to be closely analyzed. Earlier this year, observers noted Berkshire Hathaway's significant investments in companies exposed to the artificial intelligence revolution, showing the legendary investor remains engaged with emerging technologies despite his traditionally cautious approach to tech investments.

The announcement marks the end of one of the most successful executive tenures in business history. Under Buffett's leadership since 1965, Berkshire Hathaway transformed from a struggling textile company into a massive conglomerate with businesses ranging from insurance and railroads to energy and retail, creating extraordinary returns for longtime shareholders along the way.

As the business world absorbs this momentous transition, all eyes now turn to Greg Abel and how he will guide Berkshire Hathaway into its post-Buffett era while the Oracle of Omaha transitions to his new role.

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Warren Buffett Retires: Berkshire's Historic CEO Transition Revealed at 2025 Annual Meeting

Warren Buffet - Biography Flash