Warren Buffett announced his plan to step down as the CEO of Berkshire Hathaway by the end of the year, proposing Greg Abel as his successor. While he will remain as chairman, the transition marks the end of an era for the famed investor and the conglomerate he built into a $1.1 trillion enterprise. During the annual shareholders' meeting, Buffett also criticized former President Trump's trade policies, underscoring his continued influence in economic discussions. Despite his departure, Buffett will maintain a 14% stake in the company, valued at approximately $164 billion. This leadership change comes as Berkshire reports a significant drop in earnings, reflecting challenges ahead for Abel as he assumes control of the diversified conglomerate.

Warren Buffett, the iconic investor and CEO of Berkshire Hathaway, plans to step down by the end of the year, naming Greg Abel as his successor. This announcement was made during Berkshire's annual meeting, where it was met with a standing ovation from shareholders.

Despite stepping down as CEO, Buffett will continue to play a role as chairman and maintain his significant ownership stake in the company, which is valued at about $164 billion. His son, Howard Buffett, is set to take over the chairman role upon Warren's death.

Greg Abel, who joined Berkshire when it acquired his energy business in 2000, has risen through the ranks to become vice chairman. He is expected to maintain the company's culture and operations, with Ajit Jain overseeing the insurance side of the conglomerate.

Buffett's decision comes amid a backdrop of challenging financial results for Berkshire, which reported a sharp decline in first-quarter earnings, impacted by investment losses and volatile markets. Nevertheless, Buffett expressed minimal concern about market fluctuations affecting the company.

The transition is closely watched as it marks a significant leadership shift in one of corporate America's most successful companies. Prominent figures such as Bill Gates and Tim Cook attended the meeting, highlighting the event's importance in the business world.