Warren Buffett to ask board to make Greg Abel CEO of Berkshire Hathaway at year-end

Warren Buffett said he will soon ask the board of Berkshire Hathaway to have Greg Abel replace him as CEO at year end.

OMAHA, Nebraska — An end of an era was announced in Omaha Saturday as Warren Buffett said he will soon ask the board of Berkshire Hathaway to have Greg Abel replace him as CEO at year end.

While Buffett is 94 and Abel was designated as CEO successor in 2021, it nonetheless came as surprise to the thousands of admiring shareholders gathered for this year’s annual meeting to once again hear the investing legend opine on the future of the company.

“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end,” said Buffett, in the final few minutes of the meeting.

Buffett, who took over as CEO of the former textiles company in 1965, said he will still ‘hang around’ to help, but the final word on company operations and capital deployment would be with Abel, 62, currently the vice chairman of non-insurance operations for Berkshire.

Philanthropist Warren Buffett during the Forbes Media Centennial Celebration at Pier 60 in New York on Sept. 19, 2017.Daniel Zuchnik / Getty Images“I could be helpful, I believe, in that in certain respects, if we ran into periods of great opportunity or anything,” he added.

https://www.nbcnews.com/news/us-news/warren-buffett-greg-abel-ceo-succession-rcna204634

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