Warren Buffett to step down as Chairman of Berkshire Hathaway

At 94, Warren Buffett has announced that he will step down as Chairman of Berkshire Hathaway by the end of the year. The man who bought a bankrupt textile company in 1965 has left behind a conglomerate valued at over $1,000 billion.

Nicknamed the “Oracle of Omaha”, Buffett became a financial legend, admired for his patient approach to investing and his value philosophy. He left his mark on generations of investors, building Berkshire into an empire that includes Geico, Coca-Cola, Apple, Duracelland BNSF Railway.

He has named his successor: Greg Abel, current vice-president, already in charge of all non-insurance activities. A choice he kept secret until the last moment, even from the interested party.

The signal is clear: Berkshire will not change course Buffett has promised to retain all his shares in the company, even claiming that prospects are better with Greg Abel than with him.

But the announcement also had a political dimension. In front of thousands of shareholders gathered in Omaha, Buffett denounced Donald Trump’s tariffs, deeming them to be turning world trade into a war pact. A rare warning from a man accustomed to weighing his words.

source: Euronews