The 94 -year -old billionaire has directed Berkshire Hathaway for 60 years. (Credit: X / @hiddengemsinves and X / @Drparsasalehi)
Warren Buffett said on Saturday that he planned to resign by the end of this year as CEO of Berkshire Hathaway.
The billionaire investor appointed Greg Abel, who is vice-president, as his replacement.
“I think the time has happened when Greg should become the director general of the company at the end of the year,” Buffett said at the annual meeting of Berkshire shareholders in Omaha, Nebraska.
Abel, 62, has been vice-president since 2018.
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Warren Buffett said on Saturday that he planned to resign by the end of this year as CEO of Berkshire Hathaway. (Daniel Zuchnik / Wireimage / Getty Images)
Abel joined the former Midamerican Energy, now known as Berkshire Hathaway Energy in 1992, eight years before Berkshire took it.
Buffett, 94, said that he would “drag” the conglomerate after retiring as CEO, according to CNBC.
He said he did not intend to sell his actions to Berkshire Hathaway, who should be given after his death.
“I would add that, the decision to keep each part is an economic decision because I think that the prospects of Berkshire will be better under the direction of Greg than mine,” he added.
Buffett named Greg Abel, center, like his successor. (Dan Brouillette / Bloomberg via Getty Images)
After making his announcement, the investor received a standing ovation of several minutes in honor of his decades of service.
Buffett is preparing Abel to be his successor for years, saying to CNBC in 2021: “The administrators agree that if something happened to me tonight, it would be Greg who would take over tomorrow morning.”
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Warren Buffett, seen here in 1984, has directed Berkshire Hathaway for 60 years. (Bonnie Schiffman / Getty Images / Getty Images)
Buffett took over Berkshire Hathaway in 1965 with the trading partner Charlie Munger, who was at the time a failing textile company. Munger died in 2023.
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The conglomerate is now worth more than 1 dollars and buffett billion is worth more than $ 168 billion, although it still lives in the Modeste Maison du Nebraska which it bought for $ 31,500 in 1958.
His son, Howard, should also succeed him as a non -executive president of Berkshire.
Reuters contributed to this report.
