Berkshire Hathaway's board appointed Greg Abel as the company's new CEO after Warren Buffett's unexpected retirement announcement. Abel will take over next year, while Buffett remains as chairman. Buffett's remarkable 60-year leadership transformed Berkshire from a failing textile company to a vast conglomerate with diverse businesses. Although the transition was anticipated, the timing surprised many as Buffett had given no prior indication of his retirement plans. Following the announcement, Berkshire's shares fell by 2.8%, reflecting investor uncertainty about the future leadership.
Buffett's decision to step down caps a remarkable 60-year run where he transformed Berkshire from a failing textile company into an enormous conglomerate.
Buffett also said he had 'zero' intention of selling any of his Berkshire stock, implying his continued confidence in the company.
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