OMAHA, Nebraska – Warren Buffett told the Berkshire Hathaway board he would ask Greg Abel to replace him with CEO at the end of the year.
Buffett is 94 years old and Abel was designated CEO successor in 2021, but nonetheless, it was surprising to hear once again the investment legend’s opinion on the company’s future for the thousands of praised shareholders gathered at this year’s annual meeting in Omaha.
“Tomorrow we are holding a Berkshire board meeting and we have 11 directors. My kids, Howie and Susie, know what I want to talk about there.
Buffett said he would still be “wandering around” to “wandering around,” but his final words are Abel, 62, the currently vice-chairman of the non-insurance business.
Buffett said at the annual meeting celebrating him in 60 years at the helm of Berkshire, he would not sell a single stake.
“I’m going to add this. The decision to maintain all shares is an economic decision because I think Berkshire’s outlook is better under Greg’s management than mine,” Buffett said.
Buffett and Abel told CNBC’s Becky Becky after the shareholders meeting that the pair will discuss what Buffett’s role is officially at the board meeting on Sunday. Buffett is currently the CEO and chairman of the conglomerate.
Therefore, it is not clear whether Abel will take on the role of chairman.
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