Warren Buffett to leave Berkshire Hathaway, End of The Year
Warren Buffett told thousands of shareholders at Berkshire Hathaway’s annual meeting in Omaha on Saturday that he intends to step down as Chief Executive Officer on 31 December, bringing one of the longest and most closely watched tenures in corporate history to a close. The 94-year-old investor, known as the “Oracle of Omaha”, said he would recommend that Vice-Chair Greg Abel assume the top job while he remains on the board in an advisory capacity. Succession plan moves from theory to practice. Buffett’s heir apparent identity has effectively been settled since 2021, when the board confirmed Abel as the preferred successor. Saturday’s announcement, however, turned a theoretical plan into a fixed timetable. Abel, 62, oversees all non-insurance operations and has gradually taken on many day-to-day responsibilities, including capital allocation. In brief remarks after the disclosure, he said he was “humbled and honoured” to lead a conglomerate whose businesses rang...