Updated on: May 3, 2025 / 7:17 PM EDT / CBS/AP
Investor Warren Buffett revealed his plans to step down as CEO of Berkshire Hathaway after leading the company for six decades.
Buffett, at 94 years old, announced that he will recommend Greg Abel as the new CEO by the end of the year.
Abel, currently managing Berkshire's noninsurance businesses, expressed his honor and excitement about the opportunity to lead the company forward.
Buffett emphasized his confidence in Abel, who has been his chosen successor, and reiterated his commitment to Berkshire by retaining all shares.
At the annual meeting, Buffett also discussed the importance of balanced trade and criticized the use of tariffs as a weapon in international relations.
Despite uncertainties in the market, Buffett remains optimistic about America's future and the potential for Berkshire to capitalize on future investment opportunities.
The annual meeting drew thousands of attendees, including international visitors expressing their gratitude and admiration for Buffett's leadership.
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