One of the world’s richest people, Warren Buffett, has announced that he will step down as CEO of Berkshire Hathaway by the end of the year. He will be succeeded by the company’s vice president, Greg Abel.
“I think it’s time for Greg to take over at the end of the year. I’ll report this to the board of directors and I’ll accompany it with my recommendation [regarding Abel], I’ll give them time to think about it, and at the next meeting in a few months, we’ll make a decision in accordance with the opinion of the 11 directors. I think they will all unanimously support this proposal. “So, at the end of the year, Greg will become CEO of Berkshire Hathaway,“ he said at a meeting with shareholders. His speech was broadcast by CNBC.
The 94-year-old Buffett said he would continue to be informed about the company’s affairs and expressed hope that he could “be useful to the company from time to time“.
In 1965, Buffett acquired a controlling stake in the nearly bankrupt textile company Berkshire Hathaway and turned it into a holding company that manages the assets of companies operating in various fields. Among them are leading American banks and equipment manufacturers. Buffett is one of the five richest people in the world, with Forbes estimating his fortune at $168 billion. The billionaire announced his choice of Abel as his successor back in 2021.
