Warren Buffett to step down as Berkshire Hathaway CEO by year's end
Buffett said he was confident that Berkshire Hathaways board would unanimously approve his successor as CEO of the investment company.
Warren Buffett, the CEO of publicly traded investment company Berkshire Hathaway, announced at the companys annual shareholder meeting that he will step down by the end of 2025, and his chosen successor will take over as CEO, pending approval from Berkshires board of directors.
According to CNBC, Buffett reiterated that Greg Abel, the companys vice chairman of non-insurance operations, who was previously named by Buffett as his successor, will take over. The Berkshire founder announced:
Buffett added that he would stay at the company in an advisory role but the final word would be what Greg decided, the CEO said. Buffetts decision to step down as CEO comes at a time when Berkshire Hathaway is sitting on cash reserves of roughly $348 billion.
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