Warren Buffett, one of the most iconic figures in global finance, has announced plans to step down as chief executive of Berkshire Hathaway by the end of the year, marking the end of an era for the $1.1 trillion conglomerate he has led for over five decades.
Speaking at Berkshire’s annual shareholder meeting in Omaha on Saturday, the 94-year-old investor confirmed that he will ask the board to approve Gregory Abel as his successor, handing over operational leadership of the business empire he built from a textile manufacturer into one of the most successful companies in capitalist history.
“Greg will have the final word on operations, investments and more,” Buffett told tens of thousands of shareholders, adding that while he will remain chairman, he expects to play a more limited advisory role moving forward.
Buffett, who retains a 14% stake in Berkshire worth approximately $164 billion, said the plan had only been known to two of his children — Howard and Susan Buffett — until Saturday’s meeting. The announcement was met with a standing ovation, and Abel, 62, appeared visibly surprised.
Upon Buffett’s passing, the chairmanship will pass to Howard Buffett, completing a carefully managed succession plan that has been years in the making.
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