Warren Buffett, 94, is stepping down as CEO of Berkshire Hathaway by the end of 2025. Greg Abel, currently vice chairman, will take over.
Buffett made the announcement at Berkshire Hathaway’s annual meeting in Omaha, Nebraska. Abel was visibly surprised by the news.
Buffett built Berkshire Hathaway from a failing textile manufacturer into a $1.16 trillion investment giant. The conglomerate owns over 60 companies, including Geico insurance, Duracell batteries, and Dairy Queen ice cream. It also holds significant stakes in Apple, Coca-Cola, Bank of America, and American Express.
The transition was expected, as Buffett had named Abel as his successor four years ago. Only Buffett’s two children, Howard and Susie, knew about the decision beforehand.
Buffett’s Legacy
Buffett has donated billions to charity. Bloomberg recently ranked him as the world’s fourth-richest person, with a net worth of $154 billion. He started investing at 11 and has lived in the same Omaha home for over 65 years.
Buffett has no plans to sell his Berkshire Hathaway shares, saying they will be distributed. The news was met with applause from the audience.
Source: bbc