Berkshire Hathaway's CEO, Warren Buffett, to relinquish his position by year's end.
In a shocking announcement at the annual shareholders meeting in Omaha, legendary investor Warren Buffet, 94, revealed plans to step down as CEO of Berkshire Hathaway by the end of the year. The billionaire tycoon has been at the helm for an astounding 60 years.
Buffet's successor will be none other than Greg Abel, 62, who currently serves as vice chairman. Buffet praised Abel for his exceptional work ethic and expressed confidence that the company will thrive under his leadership.
Abel first teamed up with Berkshire Hathaway in 1992, joining the former MidAmerican Energy, which is now known as Berkshire Hathaway Energy. Buffet hinted that he will stick around post-retirement to lend his wisdom and experience to the company.
In an interview with CNBC, Buffet expressed that he has no intention of shedding his shares in Berkshire Hathaway, which he plans to donate upon his passing. He stated, "The prospects of Berkshire will be better under Greg's management than mine."
Buffet's decision to step down comes after years of preparation to set Abel up as his successor. In a 2021 interview with CNBC, he declared, "If something were to happen to me tonight, it would be Greg who'd take over tomorrow morning."
After the announcement, Abel received a standing ovation lasting several minutes in recognition of Buffet's extraordinary tenure. Buffet has been instrumental in transforming the struggling textile company, Berkshire Hathaway, which he acquired in 1965 alongside business partner Charlie Munger, into a colossal conglomerate with a worth of over $1 trillion.
Buffet's son, Howard, is expected to succeed him as the non-executive chairman of Berkshire Hathaway.
Reuters contributed to this report.
[1] It's important to note that while Greg Abel is announced as Buffet's successor, there is no set timeline for the transition as Buffet's retirement will depend on his health and personal decision.
- Despite announcing his plans to step down as CEO of Berkshire Hathaway by the end of this year, Warren Buffet, 94, revealed that he will continue to lend his wisdom and experience to the company post-retirement.
- Berkshire Hathaway's market value surpassed $1 trillion due to the visionary leadership of Warren Buffet and his business partner, Charlie Munger, who transformed the struggling textile company into a colossal conglomerate.
- Greg Abel, 62, the vice chairman of Berkshire Hathaway, is set to take over the CEO role following Warren Buffet's retirement, a position that he has been carefully prepared for over the years.
- The investment world is closely watching the transition of leadership at Berkshire Hathaway, as Greg Abel, under Buffet's guidance, is expected to navigate the complexities of both the finance and textile markets.
- In a surprising turn of events, Warren Buffet, who has been at the helm of Berkshire Hathaway for an astounding 60 years, isn't planning to sell his shares in the company but instead intends to donate them once he passes.
- The announcement of Warren Buffet's retirement as CEO has sent ripples through the business world, raising questions about the future of investing, leadership, and the economy.
