In what was likely the final Berkshire Hathaway Inc. (NYSE:BRK, NYSE:BRK) annual shareholders meeting with Warren Buffett at the helm, the legendary investor made a rare public acknowledgment, praising an executive in attendance who has played a significant role in shaping Berkshire's financial performance in recent years.

Warren Buffett praised Apple CEO Tim Cook as a worthy successor to cofounder Steve Jobs after paring most of his investment in the tech giant.