Investment legend Warren Buffett steps down as CEO of Berkshire Hathaway, handing over to Greg Abel after six decades leading the conglomerate.
WASHINGTON: Investment icon Warren Buffett will step down as CEO of Berkshire Hathaway on Wednesday after 60 years at the helm.
The billionaire investor, known as the “Oracle of Omaha,” announced his decision to retire in May 2025.
Buffett is handing over leadership of the conglomerate to Greg Abel, who has been groomed as his successor since at least 2021.
His net worth is estimated at US$149 billion as of December 30, 2025.
Despite his vast wealth, Buffett is famed for his modest personal lifestyle.
He still lives in the same Omaha, Nebraska, home he purchased for US$31,500 in 1958.
The investor also drives a 2014 Cadillac and has a famously frugal daily routine.
For 64 years, he has routinely bought a breakfast costing no more than US$3.17 from McDonald’s during his five-minute commute.
Buffett also drinks five cans of Coca-Cola each day.
He attributes his approach to a belief that spending does not improve quality of life beyond a certain comfort level.
The businessman is also known for a disciplined work style centred on reading.
Buffett said he spends about six hours a day reading and makes fewer impulsive decisions than most in business.
He completed the acquisition of Berkshire Hathaway by 1965.
Since then, the company’s stock price has surged by an estimated 3,950,000%, according to American analysts.
In November, he wrote his final letter to shareholders as head of the company.
“Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government,” Buffet said in the letter.
“When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless.”
