Berkshire Hathaway Shares Dip as Buffett Announces CEO Succession Plan

Berkshire Hathaway’s Class B shares declined following Warren Buffett’s unexpected announcement of his retirement as CEO by year-end. The 94-year-old investing icon revealed his decision during the company’s annual meeting in Omaha, Nebraska, marking the end of his six-decade leadership of the $1.16 trillion conglomerate.

Vice Chairman Greg Abel, long considered Buffett’s heir apparent, will assume the CEO role. While succession planning had been underway for years, the timing of the announcement caught investors off guard—including Abel himself, who reportedly wasn’t informed beforehand.

The transition comes three months after Buffett hinted his tenure was nearing its conclusion without specifying a timeline. market reaction was immediate, with Berkshire shares slipping in after-hours trading as investors digested the end of an era.