Warren Buffett has spent the last 60 years of his storied career at the helm of Berkshire Hathaway. On Saturday, he announced his tenure as CEO was coming to a close.
The 94-year-old investing legend made the announcement during the company’s annual shareholder meeting in Omaha, Nebraska. Buffett confirmed that Greg Abel, long seen as his likely successor, is expected to assume the role of CEO once he steps down.
“It feels like the right moment for Greg to take over leadership of the company at the end of this year,” Buffett said.
Buffett revealed that aside from his children, the rest of Berkshire’s board—including Abel—had not been informed ahead of time. He admitted the announcement came as a surprise even to them. “Greg doesn’t know I’m saying this right now,” Buffett told the audience.
While he will relinquish the top executive role, Buffett indicated he will still be available in an advisory capacity when needed.
Buffett’s departure marks the end of a transformative era. Under his leadership, Berkshire Hathaway evolved from a struggling textile manufacturer into one of the largest and most diverse conglomerates in the United States.
Buffett is personally worth nearly $170B, per Bloomberg, and is the largest shareholder of Berkshire Hathaway.
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