Business

Buffett's Surprise Exit Shakes Berkshire Hathaway: Stock Plummets 6% Amid Leadership Transition

Buffett Announces Retirement, Berkshire Shares Tumble

In a move that caught the market off guard, Warren Buffett announced his retirement as CEO of Berkshire Hathaway, leading to a sharp 6% drop in the company's stock. This unexpected announcement has left investors pondering the future of the conglomerate without its legendary leader at the helm.

Greg Abel Steps Into the Spotlight

During the closing moments of Berkshire's annual meeting in Omaha, Nebraska, Buffett revealed that Greg Abel, currently the vice chairman of non-insurance operations, would take over as CEO starting January 1, 2026. The board's unanimous decision marks a significant transition for the company, with Abel poised to steer Berkshire into its next chapter.

Market Reaction: Berkshire Hathaway's stock fell to $762.31 per share, a 6.23% decrease, as the news reverberated through the market.