Warren Buffett Resigns From Berkshire Hathaway
Warren Buffett asked Berkshire Hathaway's board to appoint Greg Abel as the company's CEO at the end of the year.
Quick overview
- Warren Buffett has requested Berkshire Hathaway's board to appoint Greg Abel as the new CEO by the end of the year.
- Buffett plans to remain involved with the company, stating he will not sell any shares and believes Berkshire will thrive under Abel's leadership.
- The two will discuss Buffett's future role at the company during an upcoming board meeting.
- It is still unclear whether Abel will also assume the position of chairperson.
Warren Buffett asked Berkshire Hathaway’s board to appoint Greg Abel as the company’s CEO at the end of the year.
Abel will have the final call, but Buffett said he will still ‘hang around’ to assist. Buffett claimed he would never sell a single share during the annual meeting commemorating his sixty years as CEO of Berkshire.
The investment legend stated, “I would add this, the decision to keep every share is an economic decision because I think Berkshire will be better under Greg’s management than mine.”
Buffett and Abel told CNBC’s Becky Quick after the shareholder meeting that the two would discuss what role, formally, they would discuss for Buffett’s role at the company during a Sunday board meeting, post-shareholder meeting. He is currently the CEO and chairman of the conglomerate, aged 94.
It remains uncertain if Abel will also take over the position of chairperson
Berkshire Hathaway holds significant stakes in five major companies: Apple, Coca-Cola, Bank of America, American Express, and Chevron. Notably, a substantial part of Berkshire Hathaway’s investment value is linked to Apple, which, as reported in Berkshire’s third-quarter earnings for 2024, was valued at nearly $70 billion by the end of September.
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