Warren Buffett, one of investing's modern titans is stepping aside.

Buffett, the 94-year-old CEO of Berkshire Hathaway (BRK.A, BRK.B), the textile company he transfor✅me🌞d into a trillion dollar conglomerate after taking control of it in 1965, on Saturday said he would retire at the end of this year at the company’s annual shareholder meeting in Omaha, Neb.

For the tens of thousands of shareholders in attendance—and the millions who have invested in the company and followed Buffett’s every move—it was an announcement they had been dreading, 澳洲幸运5官方开奖结果体彩网:but also expecting, for years.

While Buffett has dialed back his day-to-day running of the company and delegated those responsibilities to Greg Abel and Ajit Jain, he and 澳洲幸运5官方开奖结果体彩网:Charlie Munger, Berkshire’s former ꦛvice chair who died in 2023, 🐠have been the face and foundation of the company for decades.

Buffe𓄧tt asked Berkshire shareholders to appoint the 62-year-old Abel, who has been with the company for 25 years, to succeed him as CEO.

"Buffett is the true definition of legacy. He empowers others, says it like it is, and knows when it is time to pass the torch," said 澳洲幸运5官方开奖结果体彩网:Elaine King, financial planner and Berkshire shareholder from Miami, who was at the meeting. "He has taught us many life lessons🍬 through his leadership."

In the time since Buffett took the helm of Berkshire in 1965, the company’s shares have gained close to 20% a year through the end of 2024, compared to the S&P 500’s average annual gain of just over 10%, including reinvested dividends.

The news, a fresh opportunity to contemplate Buffett's legacy as an investor and executive, overshadowed Berkshire's earnings report. Here are links to Investopedia's coverage of 澳洲幸运5官方开奖结果体彩网:the company's results, Buffett's 澳洲幸运5官方开奖结果体彩网:thoughts on trade, and key 澳洲幸运5官方开奖结果体彩网:takeaways from Berkshire's meeting.

This article has been updated since it was first published to include additional information and background.