Warren Buffett will retire as chief executive of Berkshire Hathaway at the end of 2025 after 60 years leading the company.
The 94-year-old made the announcement at the firm’s annual general meeting (AGM) over the weekend, naming vice-chair Greg Abel as his successor.
Neither Abel, or any of the Berkshire Hathaway board, knew that Buffett was going to make the announcement.
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Buffett said he “would still hang around and conceivably be helpful in a handful of cases”.
“I think the board would be more welcome to giving [Abel] more authority on large acquisitions probably if they knew I was around,” he added.”
Abel has been CEO of Berkshire Hathaway Energy since 2008, before it was renamed from MidAmerican when Buffett bought the company in 2014.
This story was written by our sister title, Portfolio Adviser
