Warren Buffett has spent the final 60 years of his storied profession on the helm of Berkshire Hathaway. On Saturday, he introduced his tenure as CEO was coming to a detailed.
The 94-year-old investing legend made the announcement through the firm’s annual shareholder assembly in Omaha, Nebraska. “The time has arrived,” Buffett mentioned. He confirmed that Greg Abel, lengthy seen as his possible successor, is anticipated to imagine the position of CEO as soon as he steps down.
“It seems like the suitable second for Greg to take over management of the corporate on the finish of this yr,” Buffett mentioned.
Buffett revealed that apart from his youngsters, the remainder of Berkshire’s board—together with Abel—had not been knowledgeable forward of time. He admitted the announcement got here as a shock even to them. “Greg does not know I am saying this proper now,” Buffett instructed the group.
Whereas he’ll relinquish the highest government position, Buffett indicated he’ll nonetheless be out there in an advisory capability when wanted.
Buffett’s departure marks the top of a transformative period. Below his management, Berkshire Hathaway advanced from a struggling textile producer into one of many largest and most numerous conglomerates in america. As of Might 2025, the corporate has a market cap of almost $1.2 trillion.
Buffett is personally value almost $170 billion, per Bloomberg, and is the biggest shareholder of Berkshire Hathaway.
This can be a breaking information story. Examine again for updates.