Buffett to Retire, Names Abel Successor at Berkshire

At Berkshire Hathaway's annual shareholder meeting, Warren Buffett announced he will retire as CEO at the end of the year, formally recommending Greg Abel as his successor in a move that surprised Abel and drew a standing ovation. Buffett sharply criticized protectionist tariffs, warning they pose risks to U.S. and global prosperity, and advocated for robust international trade. Berkshire reported a 14% drop in first-quarter operating earnings and disclosed record cash reserves of $348 billion, attributed in part to selling much of its Apple holdings. Buffett assured shareholders that Berkshire would maintain prudent investment discipline under Abel's leadership. High-profile attendees included Apple CEO Tim Cook and former Secretary of State Hillary Clinton. The meeting marked a historic leadership transition for the company.