“The time has come for Greg [Abel, previously indicated as his successor] to become the company’s CEO at the end of the year,” stated the American billionaire and philanthropist during Berkshire Hathaway’s shareholder meeting in Omaha, Nebraska.
Greg Abel already manages a significant portion of Berkshire’s businesses, but investors and markets always assumed he would only take the helm after Buffett’s passing. At 94, Buffett had consistently indicated he had no plans for retirement.
Buffett announced his decision at the end of a five-hour Q&A session on the group’s business activities and did not entertain any questions on the matter.
“I have no intention — zero — of selling a share of Berkshire Hathaway. I will eventually donate them,” stated Buffett.
“The decision to hold onto all of the shares is based on economic-financial reasoning because I believe the prospects for Berkshire will be better under Greg’s management than mine,” he continued.
Thousands of investors in the Omaha arena gave Buffett a standing ovation following his announcement, acknowledging his 60 years leading the company.
The businessman noted that the only board members aware of his intention were his two children, Howard and Susie Buffett, and even Greg Abel, who was seated next to Buffett on stage, had not been informed.
Berkshire Hathaway’s shareholder meeting attracts around 40,000 people annually who come to hear Buffett speak, including some celebrities and well-known investors.
