Warren Buffett said he would step down from the CEO of Berkshire Hathaway after 55 years, which led to a greeting from investors and business leaders.
Buffett, 94, announced on Saturday during the company’s annual shareholders meeting in Omaha, Nebraska. The crowd gave two permanent hate, recognizing his professional life as the tallest CEO of S&P 500.
“The enthusiasm that this response shown can be explained in two ways,” said Pavit jokingly before he came out of the theater. He said that he intends to step down at the end of 2025 and recommended that the Board of Directors be that Greg Abel, a vice president of the company, is holding the position of CEO.
Pavite remained a permanent force as an investor and businessman for decades. He bought Hathaway in 1965 as a fabric factory in New England and turned it into a trillion dollars in many industries. Berkshire Hathaway has companies like GEICO, Dairy Queen and Fruit of the Loom, and it was a major investor in companies like Apple and Bank of America.
After Buffett’s announcement, business leaders from all over the world shared a greeting.
Tim Cook
Apple Buffett CEO at X Publishing on Saturday praised.
“There was no person like Warren,” Cook wrote. “It was one of the great privileges in my life to know him. There is no doubt that Warren is leaving Berkshire in their great hands with Greg.”
Jimmy Damon
Damon, CEO of JPMorgan Chase and Wall Street, praised Pavit in a letter after the great investor announced.
“Warren Buffett represents everything that is good in American capitalism and America itself – investing in the growth of our nation and its companies with integrity, optimism and proper sense.” “I learned a lot from it to this particular day, and I am honored to call him a friend.”
Bill Gross
I told Billionaire Investor and the founder of Pimco Bill Gross Business Insider that Buffett’s vision is distinguished from other investors.
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“His vision was not limited to an optimistic vision for the future,” Gross told Bi. “Through his insurance holdings, through its permitted structure, investing the insurance premiums at a cost of zero to the origins of higher return such as coke, amxx and Apple, he created a spread, which over time led to billions and recognition not as shareholders, but as a financial structural processor.”
Gross also congratulated Pavit and called the first time his company Berkshire was one of its first loans in the mid -seventies.
“I did not know anything about insurance and candy stores, but it was sold by his long -term vision of the economy and markets,” Gross wrote. “Congratulations, my friend – not only on the numbers – but on charitable works and years. The presence of a cherry for you was special in my career.”
Mark Kobe
Cuban told Business Insider in an email that Buffett was his “investment hero” and shared a photo of him with the legend of investment in the Queen of Dairy in Omaha.
“We used to go to DQ in Omaha,” Kobe wrote. “It was a highlight of my year.”
After this announcement, Cuban also re -posted it on X video showing Pavite receiving an existing applause during the annual Berkshire Hathaway meeting.
Spencer Hakaman
Hakaman, founder of Tolou Capital Management, shared a video on Buffett X with a great applause from the crowd at the annual meeting of Hathaway.
Hakaman wrote: “The curtain of an invitation to the captain.”
Ron Olson
Olson, a member of the Berkshire Hathaway Board of Directors, told CNBC that Buffett “lived a life full of surprises. It was only a very few exciting decisions.
Olson also believes that Abel is “ready” for this role.
“I have no doubt about it. We have known it for a long time.”
French hill
The Congress member of Arkansas told the Republican Party and former businessman CNBC that Buffett, April and Perkashire Hathaway “have done a great job over the past decade to prepare shareholders for this day.”
Hill added that he admired Pavite since his university studies.
“When I went out of the government in 1993, I returned to the private sector in investment management, Warren Buffett was a role model – a man I did not meet personally, but I liked all these years,” the director told the director.
This is a developing story. Check again for updates.
