Warren Buffett Steps Down as Berkshire CEO

Warren Buffett, the legendary investor who transformed Berkshire Hathaway from a failing textile company into a global conglomerate, is set to step down as chief executive on Wednesday, marking the end of his six-decade leadership at the Omaha, Nebraska-based firm. At 95, Buffett will remain as chairman, handing the reins to Greg Abel, his designated successor, in a transition long anticipated by investors and business leaders.

Buffett first gained control of Berkshire in 1962, purchasing shares for $7.60 each in what was then a struggling New England mill. Over the years, he steered the company into a diverse empire spanning insurance, manufacturing, retail, utilities and railroads. Key acquisitions included Geico and National Indemnity in insurance, Iscar Metalworking in manufacturing, Dairy Queen in retail, and BNSF Railway, one of the nation's largest rail operators. Buffett's long-term stock investments in companies such as American Express, Coca-Cola and Apple also generated substantial returns, helping Berkshire outperform the S&P 500 for decades. His personal stake in the company, valued at around $150 billion after philanthropic donations exceeding $60 billion over the...