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Warren Buffett, who built Berkshire Hathaway Inc. into a business valued at more than $1.16 trillion and himself into a celebrity billionaire renowned for his investing acumen and witticisms, will step down at year-end after six decades atop the conglomerate.
Greg Abel, the vice chairman for non-insurance operations, will take charge of the conglomerate upon board approval, Buffett, 94, said Saturday at the company's annual shareholder meeting in Omaha, Nebraska. He said the board plans to meet on Sunday.
The announcement stunned the board and even Abel, who, while long signaled as Buffett's successor, was unaware that the news was coming as the annual meeting drew to a close.
"That's the news hook for the day," Buffett said. "Thanks for coming."
Berkshire grew aggressively over the decades with Buffett as chairman and CEO, as he chose acquisitions and stocks for the company portfolio alongside trusted adviser and vice chairman, Charlie Munger, who died in 2023 at 99. The conglomerate acquired a bewildering assortment of businesses, which Buffett often said mirrored the US economy as a whole. A bet on Berkshire, he said, was a bet on America.
"The world is Berkshire's oyster — a world offering us a range of opportunities far beyond those realistically open to most companies," Buffett said in his annual letter released in 2015.
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Greg Abel, the vice chairman for non-insurance operations, will take charge of the conglomerate upon board approval, Buffett, 94, said Saturday at the company's annual shareholder meeting in Omaha, Nebraska. He said the board plans to meet on Sunday.
The announcement stunned the board and even Abel, who, while long signaled as Buffett's successor, was unaware that the news was coming as the annual meeting drew to a close.
"That's the news hook for the day," Buffett said. "Thanks for coming."
Berkshire grew aggressively over the decades with Buffett as chairman and CEO, as he chose acquisitions and stocks for the company portfolio alongside trusted adviser and vice chairman, Charlie Munger, who died in 2023 at 99. The conglomerate acquired a bewildering assortment of businesses, which Buffett often said mirrored the US economy as a whole. A bet on Berkshire, he said, was a bet on America.
"The world is Berkshire's oyster — a world offering us a range of opportunities far beyond those realistically open to most companies," Buffett said in his annual letter released in 2015.
More from insurance journal here
