Buffett Names Greg Abel as Successor
Warren Buffett, the legendary billionaire investor, announced at Berkshire Hathaway’s annual meeting on Saturday that he will step down as chief executive at the end of the year.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” said Buffett, 94.
The announcement came as a surprise, even to Abel himself.
Buffett added that Abel “hadn’t been aware of his plans prior to the announcement.”
Buffett, however, emphasized that this transition does not signal any shift in his personal investment in the company.
He said he had “zero” intention of selling any of his Berkshire stock.
Though unexpected, the billionaire revealed that he had already informed his children about the decision.
Related: Why Warren Buffett’s Silence on Trump’s Tariffs Speaks Volumes
A Legacy That Reshaped Corporate America
Buffett’s six-decade reign saw the transformation of Berkshire Hathaway from a modest textile business into a global conglomerate.
He managed to transform Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate, now valued at more than $1 trillion and with liquid assets of $300 billion.
Known for his plainspoken wisdom and astute financial decisions, Buffett has long been a revered figure in business circles.
His success, coupled with his ability to explain his thinking in clear soundbites, has made him highly influential in the business and financial communities, earning him the nickname “The Oracle of Omaha.”
Buffett Warns Against Using Trade as a Weapon
In a separate portion of his remarks, Buffett issued a strong caution against weaponizing trade, a pointed rebuke of recent U.S. policies.
“There is no question that trade can be an act of war,” the renowned businessman told the annual shareholder meeting.
Though he did not mention any political figures by name, the message was unmistakable.
The influential billionaire investor said that “trade should not be a weapon,” in remarks clearly targeting US President Donald Trump’s aggressive use of tariffs against countries around the world.
His views align with earlier comments he made to CBS:
“Tariffs are a tax on goods… I mean, the Tooth Fairy doesn’t pay ’em!”
Call for Global Cooperation
Buffett urged the U.S. to stick with its strengths and continue engaging globally.
“We should do what we do best and they should do what they do best. That’s what we did originally.”
He also pushed back against the idea that global prosperity must come at America’s expense.
“I do think that the more prosperous the rest of the world becomes, it won’t be at our expense; the more prosperous we’ll become, and the safer we’ll feel.”
In a sobering warning, Buffett added:
“It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done.”
Compared to global sentiment and long-term geopolitical trends, market volatility, he said, is minor.
The financial markets’ recent gyrations are “really nothing.”
Berkshire Reports Dip in Earnings
On the financial front, Berkshire Hathaway posted a notable decline in quarterly earnings.
Berkshire Hathaway on Saturday reported first-quarter profits of $9.6bn, down 14 per cent.
That works out to $4.47 per share, also down sharply.
