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Warren Buffett to step down as Berkshire Hathaway CEO at year’s end – National TenX News
Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year.
Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.
Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed he wouldn’t take over until after Buffett’s death. Previously, the 94-year-old Buffett has always said he has no plans to retire.
Buffett announced the news at the end of a five-hour question and answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.
Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire’s cash. Buffett also endorsed him Saturday by pledging to keep his fortune invested in the company.
“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Thousands of investors in the Omaha arena gave Buffett a prolonged standing ovation after his announcement in recognition of his 60 years leading the company.
CFRA research analyst Cathy Seifert said it had to be hard for Buffett to reach this decision to step down.
“This was probably a very tough decision for him, but better to leave on your own terms,” Seifert said. “I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.”
Buffett earlier warned that Trump’s tariffs were harmful
Earlier, Buffett warned Saturday about the dire global consequences of President Donald Trump’s tariffs while telling the thousands of investors gathered at his annual meeting that “trade should not be a weapon” but “there’s no question that trade can be an act of war.”
Buffett said Trump’s trade policies have raised the risk of global instability by angering the rest of the world.
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said as he addressed the topic on everyone’s mind at the start of the Berkshire Hathaway shareholders meeting.
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While Buffett said it is best for trade to be balanced between countries, he doesn’t think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous.
“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he said.
America has been going through revolutionary changes ever since its birth and the promise of equality for all, which wasn’t fulfilled until years later, Buffett said. But nothing that is going on today has changed his long-term optimism about the country.
“If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” Buffett said.
Market turmoil doesn’t create big opportunities
Buffett said he just doesn’t see many attractively priced investments that he understands these days, so Berkshire is sitting on $347.7 billion in cash, but he predicted that one day Berkshire will be “bombarded with opportunities that we will be glad we have the cash for.”
Buffett said the recent turmoil in the markets that generated headlines after Trump’s tariff announcement last month “is really nothing.” He dismissed the recent drop in the market because he’s seen three periods in the last 60 years of managing Berkshire when his company’s stock was halved. He cited when the Dow Jones industrial average went from 240 on the day he was born in 1930 down to 41 during the Great Depression as a truly significant drop in the markets. Currently the Dow Jones Industrial Average sits at $41,317.43.
“This has not been a dramatic bear market or anything of the sort,” he said.
Buffett said he hasn’t bought back any of Berkshire’s shares this year either because they don’t seem to be a bargain either.
Investor Chris Bloomstran, who is president of Semper Augustus Investments Group, told the Gabelli investment conference Friday that a financial crisis might be the best thing for Berkshire because it would create opportunities to invest at attractive prices.
“I’m sure he’s praying that the trade war gets worse. He won’t say that publicly, but Berkshire needs a crisis. I mean Berkshire thrives in crisis,” Bloomstran said.
Berkshire meeting attracts thousands
The meeting attracts some 40,000 people every year who want to hear from Buffett, including some celebrities and well-known investors. This year, Hillary Rodham Clinton also attended. Clinton was the last candidate Buffett backed publicly because he has shied away from politics and any controversial topic in recent years for fear of hurting Berkshire’s businesses.
Haibo Liu even camped out overnight outside the arena to be first in line Saturday morning. Liu said he worries that this year could be Buffett’s last meeting since he is 94, so he made it a priority to attend his second meeting.
“He has helped me a lot,” said Liu who traveled from China to attend. “I really want to express my thanks to him.”
Worries about replacing Buffett
Shareholder Linda Smith, 73, first learned about Warren Buffett and Berkshire Hathaway when she rented a room from his sister, Doris, while she was a graduate student in Washington D.C. Smith said Doris came home from an annual meeting not long after Berkshire bought See’s Candy and told her she had to buy the stock.
Smith couldn’t buy it immediately because the price of a single share was selling for about $3,400 and that was equal to her income as a grad student. But as soon as she got a job after college, she took her friend’s advice and began saving up to buy some of the stock that now sells for $809,350.
Over the years, Smith estimates she has probably attended about 20 annual meetings — often bringing a friend.
“I really like to listen to Warren Buffett — particularly this year with everything that has happened,” Smith said.
Buffett has long said he has no plans to retire because he enjoys figuring out where to invest Berkshire’s money too much. He plans to continue working until he dies or becomes incapacitated. But he remains in good health even though he does use a cane, and he shortened the meeting’s question and answer period this year by a couple of hours.
“I think even if he dies, these businesses will retain their value,” Smith said while looking around the 200,000-square-foot exhibit hall filled with booths from Berkshire companies like BNSF railroad, Geico insurance, Pilot truck stops, Duracell batteries and many others. “I anticipate my stock going down for a while but good businesses and good people will come back,” she said.
But Smith and thousands of others will definitely miss hearing Buffett’s voice of reason after he is gone. Buffett has now been leading Berkshire for 60 years.
Buffett has said that Vice Chairman Greg Abel, who already oversees all of Berkshire’s non-insurance businesses, will take over as CEO when he is gone.
Shareholders like Steven Check, who runs Check Capital Management, aren’t especially worried about succession because Abel is proven and Berkshire’s businesses largely run themselves. Buffett has said that Abel might even be a more hands-on manager than he is and get more out of Berkshire’s companies.
“I think we’ll get a more hands-on manager and that could be that a good thing,” Check said. But he said Abel also knows that those managers enjoy the freedom to run their businesses and Abel isn’t going to do anything to turn them off.
Prime Minister Mark Carney’s trade mission to China is being framed as a win for British Columbia’s economy.
Carney announced a new deal with Beijing on electric vehicles and canola at the end of a high-profile trip on Friday.
“The inroads Canada has made this week are a sign that the government gets it and is showing Canadians and the world that we are open for business,” Alexa Young with the Vancouver Fraser Port Authority said.
The trade deal would allow up to 49,000 Chinese EVs into Canada yearly at a tariff rate of 6.1 per cent.
An expanded auto terminal on Annacis Island will be able to handle the additional volume of cars that could be more affordable than what is currently on the market, with prices expected to be under $40,000.
The New Car Dealers Association said in a statement to Global News that, “We look forward to reviewing the full details of this announcement and engaging constructively with governments to ensure that affordability, competition, and long-term market stability remain central considerations.”
In British Columbia, the overall reaction to the news on Friday is positive.
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“China’s economy is important,” Alex McMillan with the B.C. Chamber of Commerce said.
“Having trade deals like this — and diversifying our markets — is important. Providing certainty is important.”
There are concerns with the agreement, including privacy issues and China’s human rights record. But Ottawa’s goal is to double trade with partners outside the United States, which is a goal that would be impossible without China.
“We do want to see more trade and more diversification of our markets and know that China is an important nation and important economy, so having better trade relationships with them, I think overall is going to be good,” McMillan said.
–with files from The Canadian Press
© 2026 Global News, a division of Corus Entertainment Inc.
A Crown prosecutor says a Calgary man who willingly joined and worked for an Islamic State terrorist group in the Middle East over a decade ago should spend 16 years in prison, while a defence lawyer has recommended 12 years.
Jamal Borhot, 35, was convicted in December of three counts of participation in a terrorist group for assisting in the terrorist activities of ISIS in Syria in 2013.
Court heard Borhot and his cousin Hussein Borhot illegally entered Syria through Turkey.
Hussein Borhot pleaded guilty in a separate trial and was sentenced in 2022 to 12 years.
In December, Justice Corina Dario found Jamal Borhot participated in violent acts, actively recruited others to join the cause and worked in administration.
He returned to Calgary after one year.
Jamal Borhot travelled to Syria in 2013 with his cousin Hussein Borhot, seen here outside the Calgary Court Centre, after pleading guilty in a separate trial in 2022.
Global News
The judge is scheduled to sentence Borhot on Feb. 4.
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At a sentencing hearing Friday, prosecutor Kent Brown said 16 years is appropriate for Jamal Borhot, as the cousin received less time for his pleas.
“The focus remains deterrence and denunciation and that is largely due to the pernicious nature of terrorism offences. Anyone who engages in those activities should expect a significant sentence as a result,” Brown said.
Borhot planned the trip to Syria and tried to hide his movements, the prosecutor said.
“There was real risk of serious harm caused by the offender’s conduct. I submit that’s without question here, given his involvement in battles in Syria.”
Brown added outside court that the case was difficult to prosecute since it happened so long ago. “It’s a cold case that happened in a country half way around the world.”
Defence lawyer Pawel Milczarek said his client has lived a peaceful life since returning to Canada and should have a sentence that’s proportionate to his cousin’s prison time.
Milczarek said Borhot became radicalized and wanted to help fight the Syrian government, as he believed it was randomly slaughtering civilians.
“Mr. Borhot was motivated by this purpose to travel to Syria. He found the wrong group to fight with,” the lawyer said.
“With 20/20 hindsight, we can all identify that ISIS became a violent terrorist organization after Mr. Borhot left Syria. We should not harshly punish Mr. Borhot for making a mistake with imperfect information.”
Borhot did not address the court.
© 2026 The Canadian Press
As Iran returned to uneasy calm after a wave of protests that drew a bloody crackdown, a senior hard-line cleric called Friday for the death penalty for detained demonstrators and directly threatened U.S. President Donald Trump — evidence of the rage gripping authorities in the Islamic Republic.
Trump, though, struck a conciliatory note, thanking Iran’s leaders for not executing hundreds of detained protesters, in a further sign he may be backing away from a military strike. Executions, as well as the killing of peaceful protesters, are two of the red lines laid down by Trump for possible action against Iran.
Harsh repression that has left several thousand people dead appears to have succeeded in stifling demonstrations that began Dec. 28 over Iran’s ailing economy and morphed into protests directly challenging the country’s theocracy.
There have been no signs of protests for days in Tehran, where shopping and street life have returned to outward normality, though a week-old internet blackout continued. Authorities have not reported any unrest elsewhere in the country.
“Iran canceled the hanging of over 800 people,” Trump told reporters in Washington, adding that “I greatly respect the fact that they canceled.”
Trump did not clarify who he spoke to in Iran to confirm the state of any planned executions.
The U.S.-based Human Rights Activists News Agency on Friday put the death toll at 3,090. The number, which exceeds that of any other round of protest or unrest in Iran in decades and recalls the chaos surrounding the 1979 revolution, continues to rise.
The agency has been accurate throughout the years of demonstrations, relying on a network of activists inside Iran that confirms all reported fatalities.
The AP has been unable to independently confirm the toll. Iran’s government has not provided casualty figures.
Hard-line cleric’s fiery sermon
In contrast, the sermon by Ayatollah Ahmad Khatami carried by Iranian state radio sparked chants from those gathered for prayers, including: “Armed hypocrites should be put to death!”
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Khatami, a member of Iran’s Assembly of Experts and Guardian Council long known for his hard-line views, described the protesters as the “butlers” of Israeli Prime Minister Benjamin Netanyahu and “Trump’s soldiers.” He said Netanyahu and Trump should await “hard revenge from the system.”
“Americans and Zionists should not expect peace,” the cleric said.
FILE – Iranian senior cleric Ahmad Khatami delivers his sermon during Friday prayer ceremony in Tehran, Iran, Friday, Jan. 5, 2018. (AP Photo/Ebrahim Noroozi, File).
EN
His fiery speech came as allies of Iran and the United States alike sought to defuse tensions. Russian President Vladimir Putin spoke Friday to both Iranian President Masoud Pezeshkian and Israel’s Netanyahu, Kremlin spokesman Dmitry Peskov said.
Russia had previously kept largely quiet about the protests. Moscow has watched several key allies suffer blows as its resources and focus are consumed by its 4-year-old war against Ukraine, including the downfall of Syria’s former President Bashar Assad in 2024, last year’s U.S. and Israeli attacks on Iran and the U.S. seizure of Venezuelan leader Nicolas Maduro this month.
Exiled Iranian royal calls for fight to continue
Days after Trump pledged “help is on its way” for the protesters, both the demonstrations and the prospect of imminent U.S. retaliation appeared to have receded. One diplomat told The Associated Press that top officials from Egypt, Oman, Saudi Arabia and Qatar had raised concerns with Trump that a U.S. military intervention would shake the global economy and destabilize an already volatile region.
Iran’s exiled Crown Prince Reza Pahlavi urged the U.S. to make good on its pledge to intervene. Pahlavi, whose father was overthrown by Iran’s 1979 Islamic Revolution, said he still believes the president’s promise of assistance.
“I believe the president is a man of his word,” Pahlavi told reporters in Washington. He added that “regardless of whether action is taken or not, we as Iranians have no choice to carry on the fight.“
“I will return to Iran,” he vowed. Hours later, he urged protesters to take to the streets again from Saturday to Monday.
Despite support by diehard monarchists in the diaspora, Pahlavi has struggled to gain wider appeal within Iran. But that has not stopped him from presenting himself as the transitional leader of Iran if the regime were to fall.
Iran authorities list protest damage
Khatami, the hard-line cleric, also provided the first overall statistics on damage from the protests, claiming 350 mosques, 126 prayer halls and 20 other holy places had sustained damage. Another 80 homes of Friday prayer leaders — an important position within Iran’s theocracy — were also damaged, likely underlining the anger demonstrators felt toward symbols of the government.
He said 400 hospitals, 106 ambulances, 71 fire department vehicles, and another 50 emergency vehicles also sustained damage.
Even as protests appeared to have been smothered inside Iran, thousands of exiled Iranians and their supporters have taken to the streets in cities across Europe to shout out their rage at the government of the Islamic Republic.
Amid the continuing internet shutdown, some Iranians crossed borders to communicate with the outside world. At a border crossing in Turkey’s eastern province of Van, a trickle of Iranians crossing on Friday said they were traveling to get around the communications blackout.
“I will go back to Iran after they open the internet,” said a traveler who gave only his first name, Mehdi, out of security concerns.
Also crossing the border were some Turkish citizens escaping the unrest in Iran.
Mehmet Önder, 47, was in Tehran for his textiles business when the protests erupted. He said he laid low in his hotel until it was shut for security reasons, then stayed with one of his customers until he was able to return to Turkey.
Although he did not venture into the streets, Önder said he heard heavy gunfire.
“I understand guns, because I served in the military in the southeast of Turkey,” he said. “The guns they were firing were not simple weapons. They were machine-guns.”
In a sign of the conflict’s potential to spill over borders, a Kurdish separatist group in Iraq said it has launched attacks on Iran’s paramilitary Revolutionary Guard in recent days in retaliation for Tehran’s crackdown on protests.
A representative of the Kurdistan Freedom Party, or PAK, said its members have “played a role in the protests through both financial support and armed operations to defend protesters when needed.” The group said the attacks were launched by members of its military wing based inside Iran.
Amiri reported from New York. Associated Press journalists Will Weissert and Darlene Superville in Washington and Serra Yedikardes at the Kapikoy Border Crossing, Turkey, contributed.
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