Here's how business leaders are reacting to Warren Buffett stepping down from Berkshire Hathaway

Warren Buffett said he would step down as Berkshire Hathaway's CEO after 55 years, eliciting tributes from investors and business leaders.

Buffett, 94, made the announcement on Saturday during the company's annual shareholder meeting in Omaha, Nebraska. The crowd gave Buffett two standing ovations, acknowledging his career as the longest-serving chief executive of an S&P 500 company.

"The enthusiasm shown by this response can be interpreted in two ways," Buffett joked before he exited the stage. He said he intended to step down at the end of 2025 and recommended to the board of directors that Greg Abel, now a vice chair at the company, take over as CEO.

Buffett has remained an enduring force as an investor and businessman for decades. He purchased Berkshire Hathaway in 1965 as a New England textile mill and transformed it into a $1 trillion conglomerate that spans multiple industries. Berkshire Hathaway owns companies like Geico, Dairy Queen, and Fruit of the Loom, and has been a major investor in companies like Apple and Bank of America.

Following Buffett's announcement, business leaders from across the globe shared tributes.

Tim Cook

The Apple CEO praised Buffett in an X post on Saturday.

"There's never been someone like Warren," Cook wrote. "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."

Spencer Hakimian

Hakimian, the founder of Tolou Capital Management, shared a video on X of Buffett receiving a standing ovation from the crowd at Berkshire Hathaway's annual meeting.

"Curtain call for the captain," Hakimian wrote.

Mark Cuban

Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.

Ron Olson

Olson, a Berkshire Hathaway board member, told CNBC that Buffett has "lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel."

Olson also believed Abel "is ready" for the role.

"I have no doubt about that. We've known it for a long time," Olson told the outlet.

French Hill

The Arkansas congressman and former businessman told CNBC that Buffett, Abel, and Berkshire Hathaway's board "have done a magnificent job over the last decade preparing shareholders for today."

Hill added that he's admired Buffett since his college days.

"When I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was my role model — a man I've never personally met, but I've admired all these years," Hill told the outlet.

This is a developing story. Check back for updates.