Warren Buffett and Mark Cuban at a Dairy Queen in 2020. Cuban told BI the order was a “burger and a Coke.”Courtesy Mark Cuban
Warren Buffett announced he is stepping down as Berkshire Hathaway’s CEO at the end of the year.
He has recommended that Greg Abel, a vice chair at the company, succeed him.
Tributes have been pouring in from business leaders such as Bill Gates, Mark Cuban, and Tim Cook.
Warren Buffett said he would step down as Berkshire Hathaway’s CEO after 55 years, eliciting tributes from investors and business leaders.
Buffett, 94, made the announcement on Saturday during the company’s annual shareholder meeting in Omaha, Nebraska. The crowd gave Buffett two standing ovations, acknowledging his career as the longest-serving chief executive of an S&P 500 company.
He said he intended to step down at the end of 2025 and recommended to the board of directors that Greg Abel, now a vice chair at the company, take over as CEO.
Buffett has remained an enduring force as an investor and businessman since purchasing Berkshire Hathaway in 1965, then a New England textile mill, and transforming it into a $1 trillion conglomerate that spans multiple industries.
Following Buffett’s announcement, business leaders from across the globe shared tributes.
Bill Gates called Warren Buffett “one of the greatest CEOs ever.”BI
In a statement to Business Insider, Microsoft cofounder Bill Gates called Buffett “one of the greatest CEOs ever” and “hands-down the most successful investor of all time.”
Buffett and Gates have been friends for 30 years, meeting in the 1990s. They have worked together on philanthropic efforts for decades, though their friendship has cooled in recent years.
“He has built an extraordinary company in Berkshire Hathaway, and he’s done it with wisdom, integrity, and a phenomenal sense of humor. But Warren hasn’t been satisfied with setting an example as a businessman. When he decided to give his wealth back to society, he set an example as a philanthropist, too. His legacy will inspire generations to come,” Gates said.
Berkshire Hathaway started investing in Apple in 2016.Nic Coury / AFP via Getty Images
The Apple CEO praised Buffett in an X post on Saturday.
“There’s never been someone like Warren,” Cook wrote. “It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Jamie Dimon said he was “honored” to call Buffett a friend.Noam Galai/Getty Images
Dimon, the chief executive of JPMorgan Chase and a fixture of Wall Street, praised Buffett in a message after the investor’s big announcement.
“Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense,” he said, per Reuters. “I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Bank of America was BH’s largest holdings until last year.Photo by John Lamparski/Getty Images
Bank of America Chair and CEO Brian Moynihan told Business Insider that Buffett “has achieved unparalleled success over a seven-decade-plus career.”
Bank of America was one of Berkshire Hathaway’s largest holdings before it began to sell shares last year.
“Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow,” Moynihan told BI over email. “His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights. He has been a tremendous supporter and investor in Bank of America and our nation’s economy and the innovative spirit of the United States.”
Billionaire investor and PIMCO cofounder Bill Gross told Business Insider via email that Buffett’s vision set him apart from other investors.
“His vision was not limited to an optimistic vision of the future,” Gross told BI. “Through his insurance holdings that by their structure allowed for the investment of premiums at a near zero cost into higher returning assets such as Coke, AMEX and Apple and in so doing he created a spread which over time led to billions and the recognition not just as a stock picker but as a financial structural wizard.”
Gross also congratulated Buffett and recalled on X the first time his firm gave Berkshire one of its first loans in the mid ’70s.
“I knew nothing about insurance and candy stores but was sold by his long-term vision of the economy and markets,” Gross wrote. “Congratulations my friend — not just on the numbers — but on the philanthropy and the years. Having a cherry Coke with you was a highlight of my career.”
Warren Buffett and Mark Cuban at a Dairy Queen in 2020. Cuban told BI the order was a “burger and a Coke.”Courtesy Mark Cuban
Cuban told Business Insider in an email that Buffett was his “investing hero” and shared a photo of him with the investing legend at a Dairy Queen in Omaha.
“We used to go to DQ in Omaha,” Cuban wrote. “It was the highlight of my year.”
Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.
Hakimian, the founder of Tolou Capital Management, shared a video on X of Buffett receiving a standing ovation from the crowd at Berkshire Hathaway’s annual meeting.
“Curtain call for the captain,” Hakimian wrote.
Olson, a Berkshire Hathaway board member, told CNBC that Buffett has “lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel.”
Olson also believed Abel “is ready” for the role.
“I have no doubt about that. We’ve known it for a long time,” Olson told the outlet.
The Arkansas GOP congressman and former businessman told CNBC that Buffett, Abel, and Berkshire Hathaway’s board “have done a magnificent job over the last decade preparing shareholders for today.”
Hill added that he’s admired Buffett since his college days.
“When I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was my role model — a man I’ve never personally met, but I’ve admired all these years,” Hill told the outlet.
The chairman and CEO of American Express told Business Insider via email that Buffett “has had one of the most storied careers in the history of American business.”
Squeri added that Buffett’s “vision and deep sense of responsibility to shareholders is unmatched, and his humility and humor are rare qualities in a leader that have made working with Warren a delight.”
He added that American Express, in which Berkshire Hathaway holds a minority stake, looks forward to “continuing to work with Greg as he builds upon Warren’s legacy.”
The CEO of the Baupost Group hedge fund told BI over email that Buffett ran an “investment marathon” for decades and excelled in all conditions.
“But he is more than an investor — he is a visionary business leader, teacher, role model, and philanthropist. I’ve always seen him as a mentor, and I suspect he’ll keep contributing in all of these spheres far into the future. There will be no other like him!”
The co-chairman of Oaktree Capital Management told BI in an email that it is “impossible” for anyone to measure up to Buffett.
“He is the single most influential investor of all time — the Isaac Newton of investing,” Marks said.
“He says when he started in the early 1950s, he was able to buy dollars for 50 cents — and he makes it sound easy,” Marks added. “But the thing is, even if the opportunities were there, nobody else did it. There weren’t multiple Warren Buffetts.”
Jim Cramer called Buffett the “only G.O.A.T.” on Sunday.Noam Galai/Getty Images
Jim Cramer, the host of the CNBC show “Mad Money,” called Buffett “our only G.O.A.T.” in an X post on Sunday.
“In awe of Buffett and congratulate him on the greatest run of all time,” Cramer wrote.
