American investor and philanthropist Warren Buffett, who has served as Berkshire Hathaway’s CEO for 55 years, has said he is stepping down at the end of 2025.
Buffett, who is 94, announced on May 3 during the company’s annual shareholder meeting in Omaha, Nebraska. The announcement came with two standing ovations as the crowd acknowledged his career as one of the longest-running chief executives of an S&P 500 company.
During his speech, Buffett recommended that Greg Abel, a vice chair of the company, take over as CEO.
Following Buffett’s announcement, business leaders worldwide shared their thoughts.
Tim Cook
In a post on X (formerly Twitter), the Apple CEO said, “There’s never been anyone like Warren. 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.”
Brian Moynihan
Bank of America Chair and CEO Moynihan told Business Insider that Buffett “achieved unparalleled success over a seven-decade-plus career.
“Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow,” Moynihan stated 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.”
Bill Gross
The Billionaire investor and PIMCO cofounder shared that Buffett’s vision often set him apart from other insiders.
“His vision was not limited to an optimistic vision of the future,” Gross told Business Insider. “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 recalled the firm giving Berkshire one of its first loans in the 70s.
“I knew nothing about insurance and candy stores but was sold by his long-term vision of the economy and markets,” Gross wrote on X. “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.”
Seth Klarman
Klarman, the CEO of the Baupost Group hedge fund, told Business Insider that Buffett ran an “investment marathon” over decades and excelled in all related 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!”
Jim Cramer
The CNBC show Mad Money host called Buffett “our only G.O.A.T.” in an X post on May 4, writing, “In awe of Buffett and congratulate him on the greatest run of all time.”
