Investors Warren Buffett He told thousands of Berkshire Hathaway shareholders on Saturday that he plans to step down as CEO.
Buffett, who has led Berkshire Hathaway for 60 years, said he will step down at the end of the year. He previously said he didn’t want to retire as he enjoys coming up with a place to invest too much Berkshire money.
Buffett said he would recommend it to Berkshire Hathaway’s board of directors. Greg Abel You should become CEO at the end of the year.
“I think it’s time for Greg to become the company’s chief executive at the end of the year,” Buffett said. “I want it to spring up effectively with the director and get it as my recommendation… I think they’re unanimous in favor of it.”
The 94-year-old uses a cane, but remains healthy. Buffett announced the news at the end of the five-hour question-and-answer period, but did not ask any questions about it.
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He said the only officers who knew this was coming were his two children, Howard and Susie Buffett. Abel, sitting next to Buffett on stage, was without warning.
About an hour later, Abel came out to oversee the formal Berkshire Business Conference without Buffett, and he worked on the announcement.
“I just want to say that as we moved forward, we couldn’t be more humbled and honored to be part of Berkshire,” Abel said.
Abel has been Buffett’s designated successor for many years and already manages all of Berkshire’s uninsured businesses. However, it was always assumed that he would not take over until after Buffett’s death.
Buffett also said he would not sell shares of Berkshire Hathaway.
“The zero that you sold a share of Berkshire Hathaway is given gradually,” he said. “I think Berkshire’s outlook is under control over mine, so the decision to maintain all share is an economic decision.”
Buffett issued warning about Trump’s tariffs
The announcement came as he warned that the US should not use “trade as a weapon” and that the rest of the world should not be angry that President Trump did with him. Tariffs that have shaken up the global market.
When Buffett, 94, spoke to a topic about everyone’s mind at the start of a shareholders meeting, when there are 7.5 billion people you don’t really like and 300 million people, that’s a big mistake in my opinion.
Buffett said trade is best to balance between countries, but he doesn’t think Trump is going on about it in the right way with him. Wide range of tariffs. He said that if more countries are thriving, the world will be safer.
“We should be trying to trade with other parts of the world. We should do our best and do what they should do with the best,” he said.
America has been undergoing revolutionary change ever since its birth, and has experienced the promise of equality for all, but that was not fulfilled until a few years later, Buffett said. But what’s going on today has not changed his long-term optimism about the country.
“If I was born today, I would continue to negotiate in the womb until they say, ‘You can be in the US,'” Buffett said.
The tariffs were the top subject of grilling Buffett and his top two managers throughout the day in a question that shareholders sent to the CNBC Reporter. However, investors are also looking for him to explain why he is sitting in Berkshire with $347.7 billion in cash.
Buffett said he hasn’t seen many attractive price investments he understands recently, but he predicted that one day Berkshire will “stricken by the opportunity to be pleased that we have cash.”
The conference will attract around 40,000 people, including celebrities and famous investors. Hillary Rodham Clinton was present this year. Clinton was the last candidate Buffett publicly supportedbefore leaving politics and other controversial topics for fear of hurting Berkshire’s business.
Rebecca S. Gratz / AP 
Attendees Haibo Liu traveled from China and camped overnight outside the arena for the first line up on Saturday morning.
“He helped me a lot,” Li said. “I really want to express my gratitude to him.”
Liu said he was worried that this could be Buffett’s final meeting this year, so he made it a priority to attend.
