ISTANBUL, May 4 (Bernama-Anadolu) -- Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, an American multinational conglomerate holding company, announced plans to retire at the company's 2025 annual shareholders meeting on Saturday, capping a 55-year tenure, Anadolu Ajansi (AA) reported.
The announcement at a meeting in Omaha City, Nebraska, elicited a lengthy standing ovation from attendees, to which Buffett responded: "The enthusiasm shown by that response can be interpreted in two ways, but I'll take it."
Buffett recommended 62-year-old Greg Abel, Berkshire's vice-chairman, who oversees all non-insurance businesses, as his successor.
"I think the time has arrived where Greg should become the chief executive of the company at year's end," Buffett said, emphasising that the moment has come for a leadership transition.
During the meeting, Buffett also expressed concerns about President Donald Trump's tariff policies, warning that using trade as a weapon risks global instability. He advocated for balanced trade relationships and global prosperity, criticising the widespread application of tariffs.
"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 said.
Buffett's leadership since 1970 transformed Berkshire from a struggling textile mill into a diversified conglomerate now valued at over US$1 trillion.
The company's vast holdings include GEICO insurance, BNSF railroad, energy companies, HomeServices real estate, and significant stakes in major corporations like American Express.
-- BERNAMA-ANADOLU
