Warren Buffett Announces Retirement from Berkshire Hathaway at Year’s End

Famed investor Warren Buffett has announced that he will retire from Berkshire Hathaway at the end of this year, ending an exceptional career spanning decades at the helm of one of the world’s largest investment companies.

American billionaire Warren Buffett said he will step down as CEO of Berkshire Hathaway at the end of the year and hand over the role to Greg Ebel, the vice chairman.

“I think it’s time for Greg to become CEO at the end of the year,” Buffett, 94, said at Berkshire Hathaway’s annual meeting.

He added that Ebel was unaware of his plans before the announcement, although Buffett had informed his children.

Ebel, 62, has been Berkshire’s vice chairman since 2018 and was named in 2021 as Buffett’s likely successor as CEO. Buffett also stated that he has no intention of selling his Berkshire shares, and that nearly all of his stock will be donated after his death.

The decision to step down from his position marks the culmination of a 60-year career during which Buffett successfully transformed Berkshire from a failing textile company into a massive conglomerate with businesses across the American economy.

Buffett took over Berkshire in 1965 and, along with his longtime friend and business partner Charlie Munger, who died in November 2023, transformed it into an American success story.