Warren Buffett announced at Berkshire Hathaway's annual meeting that he will step down as CEO at the end of the year, passing leadership to Greg Abel. This decision, made unexpectedly, concludes a transformative 60-year tenure during which Buffett built Berkshire from a struggling textile company into a major conglomerate in the U.S. economy. Despite stepping down, Buffett expressed his intent to retain his shares, demonstrating confidence in the company's ongoing potential. He communicated his decision to his children prior to the public announcement, indicating a thoughtful succession plan.
"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett, 94, said at Berkshire's annual meeting.
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.
He said Abel hadn't been aware of his plans prior to the announcement, highlighting a significant moment for leadership transition.
Buffett also said he had "zero" intention of selling any of his Berkshire stock, underscoring his confidence in the company's future.
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