Here's how business leaders like Bill Gates and Mark Cuban are reacting to Warren Buffett stepping down

Lauren Edmonds,John L. Dorman,Lloyd Lee,Katherine Tangalakis-Lippert,Theron Mohamed,Rebecca Rommen,Kenneth Niemeyer,Shubhangi Goel

Mon, May 5, 2025, 6:09 AM 7 min read

• Warren Buffett announced he is stepping down as Berkshire Hathaway's CEO at the end of the year.

• He has recommended that Greg Abel, a vice chair at the company, succeed him.

• Tributes have been pouring in from business leaders such as Bill Gates, Mark Cuban, and Tim Cook.

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.

In a statement to Business Insider, Microsoft cofounder Bill Gates called Buffett "one of the greatest CEOs ever" and "hands-down the most successful investor of all time."

Buffett and Gates have been friends for 30 years, meeting in the 1990s. They have worked together on philanthropic efforts for decades, though their friendship has cooled in recent years.

"He has built an extraordinary company in Berkshire Hathaway, and he's done it with wisdom, integrity, and a phenomenal sense of humor. But Warren hasn't been satisfied with setting an example as a businessman. When he decided to give his wealth back to society, he set an example as a philanthropist, too. His legacy will inspire generations to come," Gates said.

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."

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."