1 of 4 | Warren Buffett shared his thoughts on everything from Donald Trump’s tariffs to the state of the economy Saturday, while also taking questions from shareholders.
File Photo by Jim Ruymen/UPI | License Photo
May 3 (UPI) — Warren Buffett announced his pending retirement during a shareholder meeting Saturday and wants Berkshire Hathaway’s board of directors to name Greg Abel as his replacement.
Buffett surprised shareholders with his announcement during the annual meeting held in Omaha, Neb. Abel in 2021 was named his successor.
“Tomorrow, we’re having a board meeting of Berkshire,” Buffett said. “The time has arrived where Greg should become the chief executive officer of the company at the year’s end.”
The billionaire Chairman and CEO of investment firm Berkshire Hathaway spoke at the company’s annual shareholder weekend in his hometown of Omaha, Neb., which saw a record 20,000 people attend.
Buffett in February celebrated 60 years at the helm of the company he founded, where he reiterated his preference for the equity market over large cash positions.
Buffett is Berkshire Hathaway’s largest shareholder, controlling approximately 31.2% of its voting interest.
Nicknamed the “Oracle of Omaha,” Buffet is the seventh richest person in the world with a net worth of $168.2 billion through Saturday, according to Forbes.
Berkshire Hathaway’s market capitalization stood at $1.16 trillion Saturday.
The 94-year-old said he believes the American economy will steady itself afte