Berkshire shareholders are ‘stunned’ as Warren Buffett announces plan to step down after 6 decades

In Omaha, Nebraska, a crowd gathered for the Berkshire Hathaway Annual Shareholders Meeting on May 3, 2025, had no clue how significant this year’s event would turn out to be. Warren Buffett, the billionaire CEO, announced his plan to step down by the year’s end, surprising investors who he has long considered partners in his value investing mission.

Buffett shared his decision with only two of his children who are also on the board before revealing it to others. He expressed his intention for Greg Abel, chief of Berkshire’s energy unit, to succeed him as CEO by the year-end board meeting. Buffett emphasized that he would stay involved with the company in some capacity and had no plans to sell any of his Berkshire stock.

If the board approves Buffett’s request, it will conclude his remarkable six-decade tenure at the helm at the age of 94. The annual meeting highlighted his leadership, and a book on the firm’s history was auctioned off to benefit a local charity supporting the homeless community in South Omaha.

The event also included changes such as a shorter Q&A period and no introduction video, signaling a shift that had shareholders like Grant Macklem reflecting on Buffett’s legacy. Macklem, an investor for 15 years, had hoped to see Buffett lead the company at least one more time and expressed readiness to purchase additional shares if there’s a market pullback.

With Buffett’s exit looming, the succession plan has been a topic of discussion, especially after the passing of Charlie Munger, Buffett’s longtime business partner. Some view the transition as the end of an era for Berkshire Hathaway, transitioning from a stock picker to a group of businesses with ample cash for reinvestment.

Despite uncertainties about the future, shareholders at the meeting expressed admiration for Buffett’s investment strategies and life advice, giving him a standing ovation after his retirement announcement. Buffett’s departure will mark the end of an era for Omaha, where his presence has significantly impacted the community and local businesses.