Omaha, Nebraska — Warren Buffett, the renowned chairman and CEO of Berkshire Hathaway, announced that he will retire at the end of 2025, marking the conclusion of 55 remarkable years at the helm of the company. This revelation came during the company’s annual shareholder meeting, where the audience demonstrated their admiration by giving Buffett two standing ovations.

At 94, Buffett has been a pillar of the investing world since he transformed Berkshire Hathaway from a textile company into a sprawling $1 trillion conglomerate, diversifying its portfolio across multiple industries. As he prepares for his departure, he has recommended Greg Abel, the company’s vice chair, as his successor, signaling a leadership transition that is already garnering attention from the business community.

Post-announcement, tributes to Buffett poured in from influential figures across various sectors. Apple CEO Tim Cook highlighted Buffett’s unparalleled impact, stating it has been a privilege to know him, while expressing confidence in Abel’s capabilities. JPMorgan Chase CEO Jamie Dimon praised Buffett as a symbol of American capitalism, emphasizing the integrity and optimism he infused into the business landscape.

Bank of America CEO Brian Moynihan reflected on Buffett’s unprecedented success over decades and his contributions to philanthropy. He commended Buffett for his invaluable life lessons and ongoing support of the U.S. economy, particularly in relation to Bank of America’s past investments under Buffett’s guidance.

Other notable investors also shared their admiration. Bill Gross, co-founder of PIMCO, remarked on Buffett’s unique vision and ability to create substantial wealth over time. Similarly, Mark Cuban called Buffett his “investing hero,” recalling memorable moments spent with him in Omaha.

Ongoing discussions around Buffett’s legacy have highlighted his philanthropic efforts, which continue to influence minds and set examples for future generations. Ron Olson, a member of Berkshire Hathaway’s board, expressed confidence in Abel’s readiness to lead, citing his long-standing familiarity with the company’s culture and operations.

As Buffett prepares to exit the stage, the focus has shifted toward the future of Berkshire Hathaway, a company underpinned by his astute decisions and guiding principles. The business world eagerly anticipates how Abel will build upon the solid foundation created by Buffett, a leader whose influence will undoubtedly resonate for years to come.