Warren Buffett announced that he will retire as chief executive of Berkshire Hathaway (NYSE: BRK) at the end of the year.
The Wall Street Journal reports the 94-year-old made the surprise announcement at the close of the company’s annual meeting in Omaha, Nebraska. Buffett stated that he wanted to see Greg Abel, chairman and CEO of Berkshire Hathaway Energy – the parent company of Berkshire Hathaway HomeServices and vice chairman of non-insurance operations of Berkshire Hathaway – as his replacement.
“The time has arrived where Greg should become the chief executive officer of the company at year-end,” he said.
Buffett is also the company’s chairman, but he did not declare that Abel would take on that role. Earlier this year, Buffett announced that he wanted his son Howie Buffett to take on the role of non-executive chairman after his passing.
Buffett added the succession plan would be discussed during the company’s board meeting on Sunday, with a final decision expected at a later meeting.
I will miss your professional Ethics.
Blessings to you and Thank you for all you have done for Berkshire Hathaway.