On Saturday, the ‘Oracle of Omaha's departure as Berkshire Hathaway's (NYSE:BRK) (NYSE:BRK) CEO has triggered an outpouring of admiration from Silicon Valley to Wall Street.

What Happened: Warren Buffett, 94, announced that he plans to step down as CEO of Berkshire Hathaway by the end of the year, bringing to a close one of the most celebrated careers in corporate America.

The announcement came during Berkshire's annual shareholders meeting in Omaha, Nebraska.

"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett said, referring to Greg Abel, Berkshire's vice chairman, who will take the reins.

Also Read: Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than ‘Tech Titans’ With Market Value in ‘Trillions’

His statement was met with a prolonged standing ovation, reportedly lasting up to 10 minutes, from a crowd of thousands who gathered to honor his decades of leadership.

Business leaders and public figures across industries were quick to pay tribute.

"There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Apple Inc. (NASDAQ:AAPL) CEO Tim Cook wrote on X, formerly Twitter. "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."

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CNBC's Mad Money host Jim Cramer praised Buffett as "our only G.O.A.T." and said he was "in awe" of the legendary investor.

In a statement to Business Insider, Microsoft Corporation (NASDAQ:MSFT) co-founder Bill Gates called him "one of the greatest CEOs ever" and "hands-down the most successful investor of all time."

Billionaire and Dallas Mavericks owner Mark Cuban shared a more personal memory. "We used to go to DQ in Omaha," he said in an email to BI. "It was the highlight of my year." He also shared a video of Buffett's ovation on X.

Spencer Hakimian, founder of Tolou Capital Management, shared a similar video on X and wrote, "Curtain call for the captain."

JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon added to the chorus of praise, saying, "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. I’ve learned so much from him to this very day, and I am honored to call him a friend," reported Reuters.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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