Warren Buffett jokes about crowd's roaring reaction to retirement: ‘Could mean two…’
During Berkshire Hathaway's annual meeting, Warren Buffett revealed his plans to retire as CEO at the end of 2025.
Warren Buffett announced his departure from Berkshire Hathaway, declaring that he intends to step down as CEO at the end of 2025. The announcement shocked shareholders during the annual meeting after the 94-year-old served as the company's CEO for 55 years, becoming the longest-serving chief executive of an S&P 500 company.
As Buffett signaled the end of an era, he took a humorous approach to his announcement. When he declared that he would ask the Berkshire Hathaway board to appoint Greg Abel as his successor, the crowd gave a standing ovation amid cheers and applause.
Buffett jokingly said, “The enthusiasm shown by that response can be interpreted two ways. But I will take it as good," prompting more laughs and cheers from the crowd.
The 94-year-old Berkshire Hathaway CEO also wrapped up the annual meeting with a joke: "I not only hope that you come next year, but I hope I come next year," he remarked.
Warren Buffett to retire
Buffett's decision to retire at the end of 2025 stunned shareholders at the company's annual meeting. Even though he did not state a reason behind his decision, he promptly announced his intention to recommend Vice Chair Greg Abel as his successor.
“I think the time has arrived where Greg should become the chief executive officer of the company at year-end, and I want to spring that on the directors eventually and give that as my recommendation,” he said.
The news shocked many, as the 94-year-old billionaire has consistently stated that he had no plans to retire anytime soon. Over 40,000 people—including investors and celebrities—attended the annual meeting to hear remarks from Buffett. Apple CEO Tim Cook and Hillary Clinton were among those who attended this year.
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