Here's how business leaders like Tim Cook and Jamie Dimon are reacting to Warren Buffett stepping down
Warren Buffett said he would step down as Berkshire Hathaway’s CEO after 55 years, eliciting tributes from investors and business leaders.
Buffett, 94, made the announcement on Saturday during the company’s annual shareholder meeting in Omaha, Nebraska. The crowd gave Buffett two standing ovations, acknowledging his career as the longest-serving chief executive of an S&P 500 company.
He said he intended to step down at the end of 2025 and recommended to the board of directors that Greg Abel, now a vice chair at the company, take over as CEO.
Buffett has remained an enduring force as an investor and businessman since purchasing Berkshire Hathaway in 1965, then a New England textile mill, and transforming it into a $1 trillion conglomerate that spans multiple industries.
Following Buffett’s announcement, business leaders from across the globe shared tributes.
Tim Cook
Nic Coury / AFP via Getty Images
The Apple CEO praised Buffett in an X post on Saturday.
“There’s never been someone like Warren,” Cook wrote. “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.”
Jamie Dimon
Dimon, the chief executive of JPMorgan Chase and a fixture of Wall Street, praised Buffett in a message after the investor’s big announcement.
“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, per Reuters. “I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Brian Moynihan
Bank of America Chair and CEO Brian Moynihan told Business Insider that Buffett “has achieved unparalleled success over a seven-decade-plus career.”
Bank of America was one of Berkshire Hathaway’s largest holdings before it began to sell shares last year.
“Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow,” Moynihan told BI over email. “His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights. He has been a tremendous supporter and investor in Bank of America and our nation’s economy and the innovative spirit of the United States.”
Bill Gross
Billionaire investor and PIMCO cofounder Bill Gross told Business Insider via email that Buffett’s vision set him apart from other investors.
“His vision was not limited to an optimistic vision of the future,” Gross told BI. “Through his insurance holdings that by their structure allowed for the investment of premiums at a near zero cost into higher returning assets such as Coke, AMEX and Apple and in so doing he created a spread which over time led to billions and the recognition not just as a stock picker but as a financial structural wizard.”
Gross also congratulated Buffett and recalled on X the first time his firm gave Berkshire one of its first loans in the mid ’70s.
“I knew nothing about insurance and candy stores but was sold by his long-term vision of the economy and markets,” Gross wrote. “Congratulations my friend — not just on the numbers — but on the philanthropy and the years. Having a cherry Coke with you was a highlight of my career.”
Mark Cuban
Courtesy Mark Cuban
Cuban told Business Insider in an email that Buffett was his “investing hero” and shared a photo of him with the investing legend at a Dairy Queen in Omaha.
“We used to go to DQ in Omaha,” Cuban wrote. “It was the highlight of my year.”
Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.
Spencer Hakimian
Hakimian, the founder of Tolou Capital Management, shared a video on X of Buffett receiving a standing ovation from the crowd at Berkshire Hathaway’s annual meeting.
“Curtain call for the captain,” Hakimian wrote.
Ron Olson
Olson, a Berkshire Hathaway board member, told CNBC that Buffett has “lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel.”
Olson also believed Abel “is ready” for the role.
“I have no doubt about that. We’ve known it for a long time,” Olson told the outlet.
French Hill
The Arkansas GOP congressman and former businessman told CNBC that Buffett, Abel, and Berkshire Hathaway’s board “have done a magnificent job over the last decade preparing shareholders for today.”
Hill added that he’s admired Buffett since his college days.
“When I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was my role model — a man I’ve never personally met, but I’ve admired all these years,” Hill told the outlet.
Stephen Squeri
The chairman and CEO of American Express told Business Insider via email that Buffett “has had one of the most storied careers in the history of American business.”
Squeri added that Buffett’s “vision and deep sense of responsibility to shareholders is unmatched, and his humility and humor are rare qualities in a leader that have made working with Warren a delight.”
He added that American Express, in which Berkshire Hathaway holds a minority stake, looks forward to “continuing to work with Greg as he builds upon Warren’s legacy.”