Warren Buffett mentioned on Saturday that he plans to step down by the top of this yr as CEO of Berkshire Hathaway.
The billionaire investor named Greg Abel, who’s vice chairman, as his alternative.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett mentioned at Berkshire’s annual assembly.
Abel, 62, has been vice chair since 2018 when he joined the corporate.
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Berkshire Hathaway CEO Warren Buffett (Daniel Zuchnik/WireImage / Getty Pictures)
Buffett, 94, mentioned he would “hang around” the conglomerate, in keeping with CNBC.
He mentioned he has no plans to promote his shares in Berkshire Hathaway, which is predicted to be donated after his dying.
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“I would add this, the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine,” he added.
After making his announcement, the investor acquired a several-minute standing ovation in honor of his many years of service.
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Buffett has been making ready Abel to be his successor for years, telling CNBC in 2021, “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.”
Buffett took over Berkshire Hathaway in 1965 with enterprise companion Charlie Munger, which on the time was a failing textile firm. Munger died in 2023.
The conglomerate is now price greater than $1 trillion.
Reuters contributed to this report.
