Warren Buffett invited the outgoing Apple CEO Tim Cook to stand for recognition during his opening address at the annual shareholder meeting. This tribute coincided with Berkshire Hathaway's own leadership transition, as Buffett stepped down and Greg Abel assumed the role of new CEO.

Buffett discussed the immense pressure Cook faced when taking over Apple and succeeding its founder, Steve Jobs. He praised Cook for managing that pressure and delivering outstanding results.

"Imagine the difficulty of inheriting Steve Jobs' legacy and continuing his remarkable achievements. This stands as one of the great feats in American corporate history... Thank you, Tim," Buffett stated, after which the audience responded with applause.

Cook had announced his departure as Apple CEO earlier this month, with John Ternus, head of Apple's hardware division, set to succeed him.

"After Jobs passed away, we made a significant investment in Apple, allocating nearly 10% of Berkshire's assets to the company. That trust was placed in Tim's hands. Today, he has generated approximately $185 billion in pre-tax gains for us."