Warren Buffett told Berkshire Hathaway shareholders that he plans to step down as CEO at the end of 2025 and recommended to the company’s board that his previously identified successor, Greg Abel, take over at that time, ending a 60-year career that created one of the greatest investment records of all time.
Buffett made the dramatic announcement at the end of the company’s annual shareholder meeting on Saturday, saying that it would come as a surprise to most of the board and Abel.
“The time has arrived,” Buffett said, “where Greg should become the chief executive officer of the company at year-end.”
Buffett said he would stay around and assist with anything he could be helpful with, such as major acquisitions or times of great opportunity, but the final decisions would be up to Abel. The tens of thousands of Berkshire shareholders in…
