• Warren Buffett has announced his retirement as CEO of Berkshire Hathaway by the end of the year.
• Vice Chairman Greg Abel is designated as his successor, effective at year-end.
• The announcement surprised shareholders despite prior hints at succession plans.
• Buffett will remain on as chairman to ensure stability during the transition.
• Buffett has no plans to sell his Berkshire shares, stating he believes in Abel's leadership.

Warren Buffett, the iconic investor known as "The Oracle of Omaha," announced his plan to step down from his role as CEO of Berkshire Hathaway by the end of 2025, during the company's annual shareholder meeting. He expressed confidence in his successor, Greg Abel, stating, "I think the time has arrived where Greg should become the chief executive officer of the company at year-end," according to Huffpost, Dawn, and BBC.

Abel, currently 62 and serving as vice chairman since 2018, has been a long-time associate of Buffett. He has extensive experience overseeing Berkshire's non-insurance businesses and was previously recognized as the successor to Buffett in 2021. This transition marks a significant moment in corporate governance, given the scale of Berkshire Hathaway's activities, which encompass diverse industries ranging from railroads to retail and insurance, as noted by Business Insider, Channel News Asia, and Reuters.

The announcement was received with a standing ovation by shareholders, who acknowledged Buffett's significant tenure leading the company for over 60 years. Buffett's choice for Abel has been seen as a strategic decision to maintain stability amid market uncertainties, and he stated, "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," according to Al Jazeera and India Times.

Buffett's retirement is particularly significant given his influence on investment strategies and corporate cultures for decades. Analysts have pointed out that while Abel faces immense challenges in replicating Buffett's legacy, he possesses qualities necessary for sustaining Berkshire's unique business model and culture, as highlighted by NY Times and Bangkok Post.

Furthermore, Buffett voiced concerns during the meeting regarding global trade issues, emphasizing that “trade should not be a weapon,” indirectly referencing the tariff policies of former President Donald Trump. He warned of the potential risks these policies pose to global stability, according to SFGate and TRT Global.

Buffett's departure from day-to-day management marks the beginning of a new era for Berkshire Hathaway, with Abel poised to uphold the principles and practices that have defined the company during Buffett’s extraordinary leadership.