During Berkshire Hathaway's annual shareholder meeting, Warren Buffett announced that he will retire as CEO at the end of the year after leading the company since 1965. He appointed Greg Abel, the current vice chairman for non-insurance operations, as his successor. Despite stepping down, Buffett plans to remain involved in some capacity. The announcement surprised board members, showcasing Buffett's decisive leadership style. Under his stewardship, Berkshire has transformed from a modest textile manufacturer into a billion-dollar conglomerate known for its diverse business operations and significant investment prowess.
"The time has arrived where Greg should become the chief executive officer of the company at year end," Buffett said. "I would still hang around..."
Buffett took over the reins of Berkshire Hathaway back in 1965 when it was a medium-sized textile manufacturer. He built it into a $1.1 trillion conglomerate.
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