- Warren Buffett drew numerous tributes after his surprise announcement Saturday that he plans to step down as Berkshire Hathaway CEO by the end of the year. JPMorgan CEO Jamie Dimon said he “represents everything that is good about American capitalism.” Apple CEO Tim Cook praised Buffett and his successor, Greg Abel.
Top CEOs praised Warren Buffett after the legendary investor said Saturday he plans to step down as Berkshire Hathaway chief by the end of the year.
Buffett said Berkshire Hathaway Energy CEO Greg Abel should take over as head of the overall conglomerate, stunning shareholders at the annual conference.
The “Oracle of Omaha” drew numerous tributes, including one from JPMorgan Chase CEO Jamie Dimon.
“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,” he said, according to Reuters. “I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Apple CEO Tim Cook also reacted to the surprise announcement. Berkshire began buying Apple stock in 2016 and steadily added more shares.
While Berkshire sold off more than half of its holdings in Apple stock last year, the iPhone maker remains the single biggest position in its portfolio.
“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.”
Earlier in the shareholder meeting on Saturday, Buffett heaped praise on Cook, saying he “has made Berkshire a lot more than I made Berkshire,” while adding that “nobody but Steve (Jobs) could have created Apple, but nobody but Tim could have developed it like it had.”
Not only did Buffett surprise shareholders, neither Abel nor most board members knew he would make the announcement. Buffett said only his children who are serving as directors had prior knowledge.
“It surprised me, but it impresses me,” board member Ron Olsen told CNBC. “Warren has lived a life full of surprises, very few of his decisions have been anything other than sensational.”
CFRA analyst Cathy Seifert told the Associated Press that Buffett’s decision was probably very tough, but that it’s better that he leaves on own his 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.”
Meanwhile, J Stern & Co chief investment officer Christopher Rossbach, whose firm is a Berkshire shareholder, fought back tears as he reacted to the news.
“This is absolutely monumental,” he told the Financial Times. “Berkshire Hathaway is an incredible business and an incredible achievement. It stands for everything that is best about American capitalism and entrepreneurship.”
This story was originally featured on Fortune.com
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