Warren Buffett, at 94, announced his impending resignation as CEO of Berkshire Hathaway during the company's annual shareholder meeting. Citing that it felt like the right moment, Buffett revealed that Greg Abel, expected to be his successor, will take over leadership at the end of the year. This announcement surprised the company's board, who were not informed ahead of time. Although Buffett will no longer serve as CEO, he plans to remain available in an advisory role, marking the end of a transformative era for Berkshire.
While he will relinquish the top executive role, Buffett indicated he will still be available in an advisory capacity when needed.
Buffett revealed that aside from his children, the rest of Berkshire's board-including Abel-had not been informed ahead of time.
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