Warren Buffett announced on Sunday that he will step down as chief executive officer of Berkshire Hathaway, signaling the end of an era for one of the most influential figures in global finance. The 93-year-old investor confirmed that he has chosen Greg Abel, currently vice chairman of Berkshire Hathaway’s non-insurance operations, to succeed him as CEO.
The announcement was made during Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska. Buffett stated that Abel has been handling day-to-day operations for some time and is fully prepared to lead the company. “The directors are in agreement that if something were to happen to me tonight, it would be Greg who takes over tomorrow morning,” Buffett said.
Buffett will retain his position as chairman of the board, while Abel is expected to assume full operational control of the conglomerate, which owns a wide array of businesses ranging from GEICO and BNSF Railway to Dairy Queen and See’s Candies.
The transition marks a significant moment in Berkshire’s history, as Buffett has led the firm since 1965, transforming it into a multinational holding company with a market capitalization of over $800 billion.
