Warren Buffett resigns as Berkshire Hathaway CEO after 60 years

Warren Buffett, the legendary investor and chairman of Berkshire Hathaway

Warren Buffett, Chairman and CEO of Berkshire Hathaway, announced that he will step down as the chief executive at the end of this year, with current Vice Chairman Greg Abel set to succeed him.

Speaking at the company’s annual shareholders meeting in Omaha, Nebraska, 94-year-old Buffett said, “I believe the time has come for Greg to take over as CEO of the company by year’s end.”

Abel was officially named Buffett’s successor in 2021, paving the way for a smooth leadership transition at one of the world’s largest investment conglomerates.

Despite his decision to step down, Buffett emphasized that he has no intention of selling any of his Berkshire shares, stating his intent is “zero.”

The announcement marks a historic turning point for the company Buffett has led since 1965, transforming it from a struggling textile business into a financial powerhouse with a market value exceeding $800 billion.