Billionaire investor Warren Buffett, 93, announced that he would retire from leading Berkshire Hathaway by the end of 2025, naming Greg Abel as his successor. This announcement came during the company’s annual shareholder meeting on Saturday, and marked the end of an era for the multinational conglomerate.Buffett told attendees, “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end.” Abel, who has been Buffett’s designated successor for years, is currently the Vice Chairman of Non-Insurance Businesses at Berkshire Hathaway. While Abel has been managing the company’s non-insurance operations for years, he has not been involved in overseeing the company’s insurance divisions or deciding where to invest its substantial cash reserves, tasks he will now take on.The announcement was made after a five-hour Q&A session at the shareholder meeting, and Buffett refrained from taking questions on his decision. “The only board members who knew this was coming were my two children, Howard and Susie Buffett,” Buffett shared, noting that Abel, sitting beside him, had no prior knowledge of the announcement.Buffett’s continued investment in BerkshireDespite stepping down as CEO, Buffett made it clear that he had no plans to sell his stake in Berkshire Hathaway. “I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” he said, emphasizing his confidence in the company’s future under Abel’s leadership. Buffett explained, “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’s steadfast commitment to the company was met with a standing ovation from thousands of investors in the Omaha arena, acknowledging his 60 years of leadership.Abel’s leadership transitionAbel is well-regarded by Berkshire’s managers, and Buffett has praised his business acumen over the years. However, he faces the challenge of filling the shoes of a legendary investor. Abel will assume control of Berkshire’s insurance operations and cash investment decisions, tasks previously handled by Buffett. Vice Chairman Ajit Jain will remain to assist with the insurance companies.While Abel is widely respected, Buffett’s absence from day-to-day decisions and his legendary track record of generating returns will be hard to match. “He will have a hard time matching Buffett’s legendary performance,” analysts noted. Unlike Buffett, who controls 30% of the company’s stock, Abel will have less leeway in making decisions.Global trade concerns and market outlookBuffett also addressed global trade tensions during the meeting, expressing concerns over President Donald Trump’s tariffs. He warned that Trump’s trade policies have raised the risk of global instability. “It’s a big mistake in my view when you have 7.5 billion people who don’t like yo in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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