Warren Buffett will be replaced as Berkshire Hathaway's CEO this year, after six decades leading the company.
Buffett will ask the board to approve Greg Abel, CEO of Berkshire Hathaway Energy and vice-chair of Berkshire Hathaway’s non-insurance operations, as his successor by the end of 2025.
“At year end Greg would be the chief executive officer of Berkshire. I would still hang around and conceivably be useful in a few cases, but the final word would be what Greg said in operations, in capital deployment, whatever it might be,” said Buffett at the company’s annual shareholder meeting.
Buffett is Berkshire Hathaway’s largest shareholder. He will retain all of his company shares, which total more than US$160 billion.
“I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away gradually,” he said.
“I would add this: The decision to keep every share is an economic decision, because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Abel was first named Buffett's eventual successor in 2021. He initially joined the company in 1999.
Buffett has helmed Berkshire Hathaway since 1965. Under his leadership, the company transitioned into a major conglomerate with subsidiaries in sectors like energy and insurance.
It has acquired companies like Duracell, Fruit of the Loom, Dairy Queen, and Business Wire.
Buffett also criticised United States President Donald Trump’s tariff policies at Berkshire Hathaway’s shareholder meeting.
“Trade should not be a weapon,” he said. “I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday.”
Berkshire Hathaway held US$1.16 trillion in assets last quarter, compared with $1.15 one year ago. It reported $89.73 billion in revenue, a year-on-year decrease of $144 million.
Net earnings declined last quarter to US$4.68 billion, down from $12.83 billion year-over-year. The company posted an investment loss of $6.43 billion.
Berkshire Hathaway’s (NYSE: BRK) share price closed on Friday at US$539.80, up from its previous close of $530.23.
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