The Oracle of Omaha, Warren Buffett, announced plans to step down Saturday as head of Berkshire Hathaway, the company he has led for the past 60 years.
As he left the stage at the company’s annual meeting at the CHI Health Center in Omaha, Buffett, who is 94 years old, said he will be retiring at the end of the year.
The investing legend, who has allowed thousands of ordinary investors to become millionaires due to Berkshire Hathaway’s stock performance over the years, will be followed by his hand-picked successor, Greg Abel. Buffett told only his children of his plans to step down, saying Abel didn’t know the announcement was coming. Previously Abel oversaw dozens of other Buffett acquired businesses, including Dairy Queen and B-N-S-F Railways.
Buffett took over the failing textile company in the 1960s and turned it into one of the most successful companies in the world, with the stock generating an annual return of nearly 20%.
That success created many loyal investors who were rewarded for sticking with the company over the years, even when it was being outperformed by companies such as Apple and Google.
Those same investors expressed shock at Buffett’s announcement Saturday but also said they feel confident about the company’s future under Abel.
“I was actually very emotional when he announced that, and I was actually crying in tears, literally, he changed my life in so many, many, many ways,” said
Raven Connelly, a Buffett fan who came to Omaha from London.
“But I think Warren is a good teacher, and he’s, he’s a good selector. He chose the right people in his life. Yeah, he chose his wife and his business partner. I think this will be a great decision,” Connelly said of the decision to hand over the company to Abel.
Randy Roeber, a longtime investor from Algona, Iowa, who was attending his first Berkshire Hathaway shareholder meeting, said he feels optimistic.
“Well, I think it’s amazing that a man could last that long and that powerful a position. I’m sure that he’s got a capable successor,” Roeber said. “We’ll see what the stock price does, I think it should hold strong. I think there’s every reason to believe it.”
Dennis Clark, a longtime Berkshire investor from northwest Missouri, said he was a huge admirer of both Buffett and his former partner, Charlie Munger, who died in 2023, and is sad that they will both now be gone. But he said he’s also very bullish on the company.
“I’m completely comfortable with Berkshire. I’ll be knocking on the door of 70 this year. I’ve got over 75% of my equities in one stock, Berkshire Hathaway, and I have a buy order in for more.”