Warren Buffett announced intentions to step down as CEO of Berkshire Hathaway at the end of 2025, naming Greg Abel as his successor. At 94 years old, Buffett indicated he would remain involved with the company in some capacity, discussing future responsibilities with Abel during an upcoming board meeting. Buffett expressed confidence in Abel, currently vice chairman for non-insurance operations. Despite market shifts, Berkshire's investments, particularly in technology including a substantial position in Apple, remains significant, constituting over 20% of its portfolio.
Legendary investor Warren Buffett announced today that he will ask the Berkshire Hathaway board to have Greg Abel replace him as CEO at the end of 2025.
Buffett, who is 94 years old, said that he would "hang around" in some capacity. He and Abel told CNBC that they would use Sunday's board meeting to discuss what Buffett's formal role will be after he steps down.
Buffett had previously identified Abel as his successor, but he hadn't said when Abel would take over. The formal transition timeline is now set for the end of 2025.
Even after selling half its Apple stock last year, the company represents more than 20% of its portfolio.
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