It’s Warren Buffett’s Last Day On The Job After 60 Years As CEO

Legendary investor Warren Buffett on Wednesday worked his final day as CEO of Berkshire Hathaway, ending a six-decade run at the helm. Buffett stunned Wall Street in May when he announced plans to step down at the end of the year. While he’s relinquishing the CEO title, the 95-year-old is not entering full retirement. 

Berkshire Hathaway’s board unanimously named Vice Chairman Greg Abel, 63, as Buffett’s successor. Abel, who has been with the company since 2000 and oversees its non-insurance operations, will assume the role of CEO on January 1.

In his final letter to shareholders in November, Buffett voiced strong support for Abel. Buffett also said he plans to retain a significant stake in Berkshire Hathaway until shareholders grow comfortable with Abel’s leadership, adding that the company’s board and his family fully support the transition. He also emphasized that Berkshire would continue to be managed in a way that benefits both shareholders and the country.

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Buffett also expressed confidence in Berkshire Hathaway’s long-term stability, telling shareholders that the company faces “less chance of a devastating disaster than any business I know” and has “a more shareholder-conscious management and board than almost any company with which I am familiar.”

He also offered a characteristically steady warning to investors that market volatility is inevitable, regardless of who is in charge. 

“Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management,” said Buffett. “Don’t despair; America will come back and so will Berkshire shares.”

Abel is stepping into enormous shoes. Over Buffett’s tenure, Berkshire Hathaway’s stock climbed from roughly $19 per share to about $750,000, a gain of nearly 4 million percent. Buffett transformed the company from a struggling textile mill into a $1 trillion conglomerate, marking one of the most successful business turnarounds in American history. 

Buffett’s fascination with business began early. He bought his first stock, Cities Service Preferred, at age 11. By 22, he was teaching night classes on investing and managing money for family and friends. In 1956, he launched his firm, Buffett Partnership, which grew from $100,000 to $20 million before he took control of Berkshire Hathaway. He began acquiring shares in 1962 and assumed full leadership in 1965.