Warren Buffett to Step Down as CEO of Berkshire Hathaway After 60 Years

Legendary billionaire and Berkshire Hathaway Chairman Warren Buffett announced that he will step down as CEO at the end of the year, with current Vice Chairman Greg Abel succeeding him.

“I believe it is time for Greg to become CEO at the end of the year,” Buffett, 94, said at the annual shareholders meeting in Omaha, Nebraska.

Abel was officially named Buffett’s potential successor in 2021, paving the way for a smooth leadership transition at one of the world’s largest investment conglomerates.

Despite his decision to step down, Buffett emphasized that he has no intention of selling any of his Berkshire shares, stating that he has “zero” intentions.

This announcement marks a pivotal moment in the history of the company, which Buffett founded and led since 1965, transforming it from a struggling textile company into a massive financial empire with a market value exceeding $800 billion.