Warren Buffett to step down as CEO of Berkshire Hathaway

Warren Buffett said on Saturday that he intends to step down by the end of this year as CEO of Hathaway.

The billionaire investor is called Greg Abel, who is the Vice Chairman of the Board, as his alternative.

“I think the time has reached where Greg should become the company’s CEO at the end of the year,” Buffett said at the annual shareholders meeting in Berkshire in Omaha, Nebraska.

ABEL, 62, has been vice president since 2018.

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Warren Buffett said on Saturday that he intends to step down by the end of this year as CEO of Hathaway. (Daniel Zushnik / Skimim / Getty Emoz)

ABEL joined the former Midameric Energy, now known as Berkshire Hathaway Energy, in 1992, eight years before Berkshire took over.

Puffett, 94, said he would “hang” in the group after he retired as CEO, according to CNBC.

He said he had no plans to sell his shares in Berkchire Hathaway, which is expected to be donated after his death.

“I would like to add this, the decision to maintain every share is an economic decision because I believe that Berkshire’s possibilities will be better under the management of Greg than Lee.”

Pavite named Greg Abil, a center, as his successor. (Dan Brillite/Bloomberg via Getti Emaiz)

After issuing his announcement, the investor received a period of several minutes in honor of his service contracts.

Buffett was preparing for ABEL to be his successor for years, as he told CNBC in 2021, “The directors agree that if something happens to me tonight, it would be Greg that will take over tomorrow morning.”

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Warren Buffett, which was seen here in 1984, blocked Berkshire Hathaway for 60 years. (Bonnie Schiffman / Getty Images / Getty Images)

Buffett acquired Berkshire Hathaway in 1965 with business partner Charlie Monage, which was at the time a failed woven company. Monger died in 2023.

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The value of the group is now more than $ 1 trillion, and Pavite is more than 168 billion dollars, although he still lives in the humble home of Nebraska that he bought for $ 31,500 in 1958.

His son, Howard, as a non -executive president of Burkshire.

Reuters contributed to this report.