Investor Warren Buffett announced on Saturday that he will step down as CEO of Berkshire Hathaway at the end of the year, ending a remarkable 60-year tenure leading one of the most successful conglomerates in history.
Speaking at the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska, the 94-year-old billionaire said he will recommend that longtime executive Greg Abel take over the role. Abel currently oversees all of Berkshire’s non-insurance operations and has long been identified as Buffett’s successor.
“I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end,” Buffett said.
Warren Buffett, still in good health but now walking with a cane, shortened this year’s traditional question-and-answer session, sparking speculation about the timing of his announcement that he’ll step down. Despite previously vowing to stay on the job until death or incapacitation, Buffett’s decision marks a major transition for the company and its shareholders.
Warren Buffett, 95, to step down as CEO of vast business EMPIRE
World’s 5th richest man (worth $155 BILLION) headed Berkshire Hathaway for almost 70 yrs
Buffett pledged to give away 99% of his fortune to charity
Gets standing ovation from shareholders pic.twitter.com/dVY2jIpKhx