Warren Buffett intends to step down as Berkshire Hathaway CEO after 55 years, ending his tenure as the longest-serving chief executive of an S&P 500 company.
The legendary investor announced he would recommend to Berkshire's board that he resign as CEO at the end of this year. He broke the news to a stadium full of his shareholders during Berkshire's annual meeting in Omaha on Saturday. The crowd gave Buffett two standing ovations and recognized his many years of service with thunderous applause.
"The enthusiasm shown by this response can be interpreted in two ways," Buffett joked, before adding, "Thank you."