Warren Buffett has officially stepped down as chief executive officer of Berkshire Hathaway after nearly six decades with the company, transitioning leadership to Gregory Abel. At 95, Buffett will continue as chairman to provide strategic guidance during this transition. The move follows his announcement earlier in the year that he would retire from the CEO role.

Berkshire Hathaway, which began as a struggling textile mill, now holds approximately $381.7 billion in cash reserves—a deliberate signal that Buffett sees few worthwhile investment opportunities in today’s markets. Under Buffett’s leadership, the conglomerate has grown into one of the world’s largest financial entities, with assets spanning nearly 90 companies and a market value exceeding $1 trillion.

Buffett is known for his disciplined investment approach and has been instrumental in building Berkshire Hathaway from a small business into a global powerhouse. His famous advice, “Be fearful when others are greedy, and greedy when others are fearful,” remains central to his philosophy.