Legendary investor Warren Buffett introduced as we speak that he’ll ask the Berkshire Hathaway board to have Greg Abel substitute him as CEO on the finish of 2025.
“I believe the time has arrived the place Greg ought to grow to be the chief government officer of the corporate at 12 months finish,” Buffett mentioned on the finish of the corporate’s annual shareholder assembly, forward of its board assembly Sunday.
On the similar time, Buffett, who’s 94 years outdated, mentioned that he would “hold round” in some capability. He and Abel instructed CNBC that they might use Sunday’s board assembly to debate what Buffett’s formal function will probably be after he steps down.
Buffett had beforehand recognized Abel — at the moment Berkshire Hathaway’s vice chairman for non-insurance operations — as his successor, however he hadn’t mentioned when Abel would take over.
Whereas expertise is only one of many areas the place Buffett and Berkshire Hathaway make investments, it’s made huge bets on the trade. Even after promoting half its Apple inventory final 12 months, the corporate represents greater than 20% of its portfolio.