Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, has announced his intention to retire at the end of 2025. The announcement was made during the company’s annual shareholder meeting in Omaha, Nebraska, surprising many attendees, including some board members and his designated successor, Greg Abel.

Buffett stated that he will recommend Greg Abel, currently the vice-chairman overseeing Berkshire’s non-insurance operations, to succeed him as CEO. Abel has been considered the heir apparent since 2021, but the timing of the transition was unexpected. Buffett emphasized his confidence in Abel’s leadership and affirmed that he would keep his personal fortune invested in the company, continuing to serve in an informal advisory role after stepping down.

During the meeting, Buffett also addressed broader economic concerns, criticizing the use of tariffs as a political tool and warning of potential global instability resulting from such policies. He noted that Berkshire Hathaway is currently holding a record $347.7 billion in cash, citing a lack of attractive investment opportunities in the current market.

Buffett’s retirement marks the end of an era for Berkshire Hathaway, a company he transformed from a struggling textile manufacturer into a conglomerate with significant holdings in companies like Apple and Coca-Cola. His disciplined investment approach and modest lifestyle have made him a revered figure in the world of finance.