Siem Reap Times

Sunday, May 04, 2025

Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years

“Oracle of Omaha” Passes the Torch to Greg Abel, Signals Era of Transition at $1.1 Trillion Empire

After decades of defining American capitalism, Warren Buffett has announced he will step down as CEO of Berkshire Hathaway at the end of 2025. The 94-year-old investment legend made the revelation during Berkshire’s annual shareholder meeting, an event often dubbed “Woodstock for Capitalists,” drawing applause from thousands in attendance.

Greg Abel, vice chairman of Berkshire’s non-insurance operations, will succeed Buffett as CEO, pending board approval. Buffett will retain the role of chairman until his death, at which point his son, Howard Buffett, will assume that position. The move marks the formal end of Buffett’s reign as one of the most revered figures in financial history.

“Greg should become the chief executive officer of the company at year-end,” Buffett said. Only his children knew of his plan prior to the announcement.

Buffett has been synonymous with Berkshire Hathaway since 1965, transforming a struggling textile mill into a sprawling conglomerate valued at $1.1 trillion. Under his leadership, Berkshire acquired iconic businesses like See’s Candies and made major investments in American Express, Coca-Cola, and Apple.

The company’s success turned Buffett into one of the wealthiest individuals in the world. As of 2025, his net worth stands at $169 billion, making him the fifth richest person globally.

Born in Omaha in 1930, Buffett’s investing career began at age 11. By 15, he had already bought a Nebraska farm with his newspaper earnings. He studied at Columbia Business School and launched his first investment partnership with just $100. The rest, as history shows, became legend.

Buffett used the shareholder stage to address broader economic topics, expressing concern about U.S. trade policy. Calling tariffs a “big mistake,” he warned that “trade should not be a weapon,” and noted the global economy's increasing vulnerability to political missteps.

Berkshire’s latest earnings reflected that concern, with operating profits down 14% in Q1 and insurance underwriting income nearly halved year-over-year. Its quarterly report flagged international trade instability and tariffs as significant headwinds.

Despite this, Berkshire sits on an extraordinary $347 billion in cash. Buffett said the company remains patient for the right opportunities, avoiding rushed investments. “We’ve made a lot of money by not being fully invested at all times,” he said.

Buffett also offered rare praise to Apple CEO Tim Cook, stating, “Tim has made Berkshire more money than I’ve ever made Berkshire.” While Berkshire reduced its Apple stake in 2024, the tech giant remains its most valuable investment.

Abel, 62, is known for his disciplined leadership style and deep operational engagement. “Greg can do better at many things,” Buffett said, noting that Abel’s active approach contrasts with his own more relaxed pace.

As Buffett prepares to exit the CEO role, his legacy remains deeply intertwined with the fabric of American enterprise. His journey from selling chewing gum as a child to becoming the “Oracle of Omaha” has inspired generations of investors.

But as markets evolve and geopolitical uncertainty rises, the question now is: Can Berkshire thrive without the man who built it?


Newsletter

Related Articles

Siem Reap Times
0:00
0:00
Close
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
EU Hits TikTok with €530 Million Fine Over China Data Transfers
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
U.S. and Ukraine Poised to Sign Strategic Critical Minerals Deal Amid Geopolitical Shifts
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
China Warns Nations Against Trade Deals Harmful to Its Interests
Malaysia Revises Growth Outlook Amid US Trade Talks
Let our wonderful farmers have a good feast and joyful easy life
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Myanmar: TikTok astrologer arrested for predicting new earthquake
"China has survived for five thousand years, most of it without the United States as a market, and it can easily continue to survive without the U.S. market for another five thousand years — no problem," said a China analyst.
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Peter Navarro: The Man Behind Trump’s Tariff Madness
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
Series of Earthquakes Strike Mae Hong Son and Myanmar Border
Pope Francis Makes Brief Appearance at Easter Sunday Mass
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Alphabet Faces Antitrust Setbacks as Federal Judges Rule Against Google
US Billionaires Call for Higher Taxes, but Proposed 'Millionaires Tax' May Not Achieve Desired Outcome
Designed in US, made in China: Why Apple is stuck in tariff tussle
Cambodia and China Commit to $1.2-Billion Canal Megaproject
China's Xi Urges Cambodia to Resist Protectionism Amid Loan Discussions
South East Asia Caught in US-China Trade Dispute
China Raises Tariffs on U.S. Goods to 125% Amid Escalating Trade Dispute
The Trump administration is contemplating the removal of Chinese companies from U.S. stock exchanges.
Alisha Lehmann's Modeling Campaign and Public Controversy Stir Debate Ahead of UEFA Women's Euro
Southeast Asian Nations Respond to Elevated U.S. Tariffs
CCTV footage from a high-rise condo in the middle of Bangkok shows the water in the pool rippling like waves
Building collapsed in Bangkok earthquake
Earthquake Strikes Bangkok, Causing Chaos in High-Rise Pool
U.S. Firms with Substantial Global Revenue Exposure in Light of New Tariffs
President Trump Prolongs TikTok Sale Deadline by 75 Days
Global Responses to U.S. Tariffs: Varied Reactions from Significant Economies
Large Blaze Breaks Out in Malaysia Following Gas Pipeline Burst
×