New Delhi– Warren Buffett said he plans to “go quiet” after stepping down as Chief Executive Officer of Berkshire Hathaway at the end of the year, marking the end of one of the longest and most influential leadership tenures in corporate America.
In his final annual letter as CEO, the 94-year-old investor confirmed he intends to significantly increase his charitable giving, including donating the remaining $149 billion in Berkshire Hathaway stock he still holds.
Buffett revealed that he recently converted 1,800 Class A shares, valued at about $1.35 billion, into lower-priced Class B shares and distributed them to four family foundations. He noted that accelerating these donations will ensure the bulk of his estate is directed toward philanthropy during his lifetime.
“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” Buffett wrote.
Buffett, who said he still goes into the office five days a week, also addressed the transition of leadership. Gregory Abel, 63, who joined Berkshire Hathaway in 2000 and currently oversees its non-insurance operations, is set to take over as CEO. Buffett said he will retain a meaningful number of Class A shares until shareholders feel fully comfortable with Abel’s leadership.
Despite stepping back from public commentary, Buffett expressed continued confidence in Berkshire Hathaway’s long-term outlook.
Buffett remains among the world’s wealthiest individuals, with an estimated net worth of about $152 billion. Earlier this year, he criticized U.S. tariffs imposed under President Donald Trump, calling them a “big mistake” and cautioning that trade policy should not be used as a tool of political pressure.
He also warned that governments tend to devalue their currencies over time, calling the trend “scary,” and said the U.S. dollar is likely to weaken further in 2025. (Source: IANS)
