Buffett Announces Retirement as CEO of Berkshire Hathaway, Effective at End of the Year
GoLocalProv Business Team
Buffett Announces Retirement as CEO of Berkshire Hathaway, Effective at End of the Year
The 94-year-old investor Buffet closed the company's annual meeting with the announcement and recommendation that Vice Chairman Greg Abel succeed him as CEO in 2026.
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“The time has arrived where Greg should become the chief executive officer of the company at year-end,” he said.
“I would still hang around and could conceivably be useful in a few cases,” he said. “But the final word would be what Greg said, in operations, in capital deployment, whatever it might be.”
"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," according to Bloomberg.
“That’s the news hook for the day,” Buffett said. “Thanks for coming.”