Warren Buffett, the renowned CEO of Berkshire Hathaway, shocked shareholders during the annual meeting by announcing his retirement plan, set to take effect at the end of 2025. Buffett will pass the leadership baton to vice chairman Greg Abel, his designated successor. Despite stepping down, Buffett reassured investors of his ongoing involvement and commitment, stating that he would not sell his shares but would eventually give them away. This decision marks the end of an extraordinary 60-year tenure where he transformed Berkshire Hathaway into a massive conglomerate.
I have no intention â zero â of selling one share of Berkshire Hathaway. I will give it away, eventually," said Buffett, emphasizing his commitment to the company.
Abel, 62, who has been the group's vice chairman since 2018, stated, "I couldn't be more humbled and honoured to be part of Berkshire as we go forward," affirming his readiness.
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