Warren Buffett announces plans to step down as Berkshire Hathaway CEO, recommending Greg Abel as his successor by year-end.
In Short
Warren Buffett is stepping down as CEO of Berkshire Hathaway, appointing Greg Abel as his successor.
Buffett, who transformed the company over nearly six decades, will remain involved but allow Abel to lead its future.
Warren Buffett has announced his plan to step down as CEO of Berkshire Hathaway at the end of this year, recommending Greg Abel as his successor.
During Berkshire’s annual meeting in Omaha, Buffett, aged 94, indicated that the company is ready for a change in leadership. He expressed confidence in Abel, who has been earmarked for the role since 2021.
Buffett transformed Berkshire Hathaway into a prominent conglomerate from its origins as a struggling textile company, becoming a significant figure in American capitalism. His decision to retire marks the end of an era for the company and its loyal shareholders who gather annually for the meeting.
Remain involved
Buffett commented on the legacy of his leadership and the importance of Abel in guiding Berkshire’s future. He noted that, while he plans to remain involved in some capacity, key decisions will rest with Abel.
Reactions from Wall Street leaders were swift, with JPMorgan CEO Jamie Dimon acknowledging Buffett’s influence and contributions to American business.
The next meeting will be significant, as it will be the first without Buffett in charge. Shareholders expressed mixed feelings about this transition, recognising the impact of Buffett’s departure on the company’s culture and future.
Buffett’s tenure began in 1965, and he emphasized his belief that Abel will surpass his success as CEO. Abel has been with Berkshire for over two decades and will take charge as Buffett steps back from his operational role.
