Warren Buffett announced his retirement as the CEO of Berkshire Hathaway in May 2025. The revelation came six decades into his career with the company, where he’ll continue to act as chairman after he relinquishes his executive position. Thanks to 60 years with the company, Buffett became one of the richest billionaires in the world, racking up the fifth highest net worth in the world, per Forbes.
Buffett met with Berkshire’s shareholders in May 2025, where he broke the news of his decision to step down.
“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there,” Buffett began. “The rest of them, this will come as news to, but I think the time has arrived where Greg [Abel] should become the chief executive officer of the company at year end,”
Below, learn more about Buffett, his current net worth and the details behind his retirement from Berkshire Hathaway.
Warren Buffett just got a 10 minute long standing ovation after announcing his retirement.
Curtain call for the captain.
🥹
pic.twitter.com/RRk4CpgFZh
— Spencer Hakimian (@SpencerHakimian) May 3, 2025
How Old Is Warren Buffett?
Buffett is 94 years old as of May 2025.
Warren Buffett’s Net Worth
As of May 2025, Buffett has a net worth of $160.1 billion, according to Forbes.
Why Is Warren Buffett Stepping Down From Berkshire Hathaway?
Buffett did not reveal the reason why he decided to step down as Berkshire’s CEO by the end of 2025. Instead, he focused on praising his successor, Greg Abel, and his capabilities as the future CEO.
“I would add this — 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,” Buffett graciously stated to an arena of shareholders in May 2025, per NBC News. “It’s working way better with Greg than with me because, you know, I didn’t want to work as hard as he works. I could get away with it because we’ve got a basically good business, very good business.”
Who Is Warren Buffett’s Successor?
Abel is a 62-year-old Canadian businessman, who has served as the vice chairman of non-insurance operations of Berkshire Hathaway since January 2018. He has also been the CEO of Berkshire Hathaway Energy, a subsidiary of the company.
Four years before Buffett announced his departure as CEO, he confirmed that Abel would be his successor in May 2021. At the time, Buffett told CNBC, “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.”
