Legendary investor Warren Buffett introduced as we speak that he’ll ask the Berkshire Hathaway board to have Greg Abel exchange him as CEO on the finish of 2025.
“I feel the time has arrived the place Greg ought to grow to be the chief govt officer of the corporate at yr finish,” Buffett said at the end of the company’s annual shareholder assembly, forward of its board assembly Sunday.
On the identical time, Buffett, who’s 94 years previous, mentioned that he would “cling round” in some capability. He and Abel informed CNBC that they’d use Sunday’s board assembly to debate what Buffett’s formal function might be after he steps down.
Buffett had previously identified Abel — at present Berkshire Hathaway’s vice chairman for non-insurance operations — as his successor, however he hadn’t mentioned when Abel would take over.
Whereas know-how is only one of many areas the place Buffett and Berkshire Hathaway make investments, it’s made massive bets on the trade. Even after selling half its Apple stock final yr, the corporate represents more than 20% of its portfolio.
