Warren Buffett on Saturday announced his plans to retire by the end of the year recommending Greg Abel as his successor to lead Berkshire Hathaway.
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.
He announced his retirement at the close of a five-hour Q&A session during the annual shareholder meeting , declining to take questions on the decision. He revealed that only his children, Howard and Susie Buffett, were aware beforehand, while Greg Abel- seated beside him on stage- had no prior notice.
While many investors believe Abel is well-suited to lead Berkshire Hathaway, questions remain about his investment acumen. Buffett reinforced his confidence in Abel by pledging to keep his fortune invested in the company.
Further adding in his statement revealing that he’ll retain his shareholding and lending support to Abel, the billionaire investor added, “I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually.”
“The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine,” he further said, justifying his decision.
Investors, numbering in thousands at the Omaha venue, rose to their feet in extended applause to honour Buffett’s six-decade leadership of the company.
CFRA analyst Cathy Seifert observed that Buffett’s decision to step aside would not have been straightforward. “This was probably a very tough decision for him, but better to leave on your own terms,” Seifert said. “I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.”
Investors such as Steven Check, who manages Check Capital Management, said that they remain confident about succession plans due to Abel’s proven track record and Berkshire’s self-sustaining business model. Buffett has indicated that Abel’s management style could be more involved than his own, potentially enhancing the performance of Berkshire’s portfolio companies. “I think we’ll get a more hands-on manager and that could be that a good thing,” Check said.
Addressing the crowd at the shareholders meeting before announcing the retirement plans, Buffett had also cautioned about the severe global repercussions of US President Donald Trump’s tariffs, telling thousands of investors present that “trade should not be a weapon,” while acknowledging that “there’s no question trade can be an act of war.”
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said. “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he added.
Also read: Warren Buffett warns against using ‘trade as a weapon’, slams tariff tactics at Berkshire AGM
This comes as Buffett’s company Berkshire Hathaway reported significantly lower profits Saturday morning, posting just over one-third of last year’s earnings—moments before thousands of shareholders poured into an Omaha arena to hear from the legendary investor himself. The decline in profits was primarily attributed to a significant decrease in Berkshire’s investment valuations and insurance losses of $860 million, stemming from policies issued by Geico and other insurance subsidiaries before the severe Southern California wildfires.
Berkshire’s first-quarter net earnings decreased to $4.6 billion ($3,200 per Class A share) from $12.7 billion ($8,825 per Class A share) in the corresponding period of the previous year.
Buffett consistently advises investors to concentrate on operating earnings, which exclude the fluctuations in investment values. Although Berkshire must report these investment changes regardless of stock sales, these variations can obscure the actual performance of its operations.
The operating earnings experienced a 14% reduction, reaching $9.6 billion ($6,703.41 per Class A share), compared to $11.2 billion ($7,796.47 per share) in the previous year. This performance fell short of FactSet Research’s projection of $7,076.90 per Class A share.
Notwithstanding the earnings reduction, the Q&A session with Buffett continues to be the highlight of Berkshire’s annual shareholder weekend. Investors are particularly interested in understanding the reasons behind the company’s unprecedented cash holdings of $347.7 billion, an increase from $334.2 billion at the conclusion of 2024.
Read more: Buffett’s Berkshire sees profit fall amid wildfire losses, draws thousands to Omaha meeting

The Commerce Ministry on May 2, held a comprehensive consultation with the domestic industry on the proposed India-U.S. trade agreement and sought suggestions to further deepen bilateral trade ties in a mutually beneficial manner, an official said.
| Photo Credit: Getty Images/iStockphoto

The Commerce Ministry on May 2, held a comprehensive consultation with the domestic industry on the proposed India-U.S. trade agreement and sought suggestions to further deepen bilateral trade ties in a mutually beneficial manner, an official said.

The stakeholder consultation was chaired by Special Secretary in the ministry Rajesh Agrawal. He is also India’s chief negotiator for the India-U.S. bilateral trade agreement (BTA).

During the meeting, Department of Commerce briefed the industry representatives on recent developments related to India-U.S. trade ties and solicited their views and suggestions to further expand them in a mutually beneficial manner, the official added.

The special secretary assured the industry that their inputs would be factored in the ongoing trade negotiations.

Senior representatives from industry bodies including Confederation of Indian Industry, FICCI, PHDCCI, India Cellular and Electronics Association and Assocham participated in the deliberations.