Warren Buffett is stepping down after 60 years of service
94-year-old American billionaire Warren Buffett announced that he is stepping down as CEO of Berkshire Hathaway and handing over his responsibilities to the company's vice chairman, Greg Abel. The transition will take place by the end of 2025. Reuters reports .
As the agency notes, the billionaire's decision ends an era for Berkshire after 60 years of Buffett's management, which made him one of the most famous and respected investors in the world.
"I think the time has come for Greg to become CEO at the end of the year," Buffett said at the close of Berkshire's annual meeting on Saturday, May 3.
He added that it would still "stay here and maybe be useful in a few cases," but the "final word" would be Abel's.
According to Buffett, Abel and most of Berkshire's board of directors were unaware of his plans before the announcement, although the billionaire informed his two children, who are directors.
Berkshire's board of directors will meet on Sunday, May 4, to discuss the transition.
Abel, 62, has served as Berkshire's vice chairman since 2018 and was named Buffett's expected successor as chief executive in 2021.
This year, Berkshire Hathaway reported record annual operating income, up for the third consecutive year. The main drivers of the growth were higher profitability from insurance operations and investment income.
- In 2022, Zelensky met with Howard Graham Buffett, son of Warren Buffett.
- The Buffett Foundation donated generators and modular bridges to Ukraine.
- The billionaire's son also helped Ukraine create the world's first kitchen train and restore a dilapidated printing house in Kharkiv.
