Warren Buffett steps down from Berkshire Hathaway: Jamie Dimon calls him ‘The best of American capitalism,' Tim Cook backs Greg Abel
Warren Buffett's decision to retire by the end of 2025 has sent ripples through the global business world. While the timing caught many off-guard, it was the scale of admiration that stood out. JPMorgan Chase CEO Jamie Dimon led tributes with a strong endorsement of Buffett's values and influence.
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'Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense,' Dimon said, according to Reuters. 'I've learned so much from him to this very day, and I am honored to call him a friend.'
Echoing that sentiment,
Apple CEO Tim Cook
, whose company remains Berkshire's largest equity holding despite recent share sell-offs, said, 'There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,' Cook posted on X. 'It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg.'
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Undo
The end of an era for the Oracle of Omaha
Buffett, known as the 'Oracle of Omaha,' made the announcement during
Berkshire Hathaway
's annual shareholder meeting. Few saw it coming—not even most board members. According to Buffett, only his children who sit on the board were informed beforehand.
'It surprised me, but it impresses me,' said Ron Olsen, a longtime board member, speaking to CNBC. 'Warren has lived a life full of surprises, very few of his decisions have been anything other than sensational.'
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Buffett also used the occasion to praise Cook directly, saying the Apple CEO 'has made Berkshire a lot more than I made Berkshire,' and added, 'nobody but Steve (Jobs) could have created Apple, but nobody but Tim could have developed it like it had.'
Who is Greg Abel?
The man set to take the reins is Greg Abel, a Canadian executive who currently serves as vice chairman of Berkshire's non-insurance operations and CEO of Berkshire Hathaway Energy. Abel joined the board in 2018 and has long been seen as Buffett's heir apparent.
Analysts have largely welcomed the move. Nate Garrison, CIO at World Investment Advisors, said Buffett's retirement was 'coming,' adding it was 'well-telegraphed' that Abel would be the successor. Art Hogan of B. Riley Wealth agreed, noting Buffett departs with a 'wonderful' track record and that it 'made sense' for him to leave now.
However, not all views are supportive. Rose Monahan, a staff attorney at the Sierra Club, offered strong criticism of Abel's leadership in the energy division.
'During Greg Abel's reign, Berkshire Hathaway Energy has operated the dirtiest fleet of coal plants in the country, and that's a fact,' Monahan said. 'There is no indication that Berkshire Hathaway wants to be a climate leader, and Abel's appointment is Exhibit A.'
A lifetime of business and philanthropy
Buffett's legacy is not limited to markets. Bank of America CEO Brian Moynihan highlighted his contributions to society.
'Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow,' Moynihan said. 'His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights.'
Christopher Rossbach, CIO at J Stern & Co and a Berkshire shareholder, was visibly emotional during his remarks to the Financial Times.
'This is absolutely monumental,' he said. 'Berkshire Hathaway is an incredible business and an incredible achievement. It stands for everything that is best about American capitalism and entrepreneurship.'
CFRA analyst Cathy Seifert told the Associated Press that Buffett's exit is likely to have been a difficult decision. Still, she believes it was right for him to leave on his own terms.
'I think there will be an effort at maintaining a 'business as usual' environment at Berkshire,' she added. 'That is still to be determined.'
As Buffett prepares to step down, the world watches closely. Whether Abel can fill such legendary shoes remains to be seen. But one thing is certain—the end of Buffett's era is the beginning of a critical new chapter for Berkshire Hathaway.
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