Warren Buffett to Step Down as CEO of Berkshire Hathaway
Renowned American investor and philanthropist Warren Buffett has announced his retirement as the chief executive of Berkshire Hathaway, with Vice-Chairman Greg Abel set to take over by the end of the year.
The 94-year-old investor, known as the Oracle of Omaha, made the announcement during the company’s annual gathering, where he received a standing ovation from the audience of approximately 40,000. Buffett, who transformed Berkshire Hathaway from a struggling textile company into a trillion-dollar investment giant, is considered the most successful investor globally.
Buffett’s decision to step down came as a surprise to many, including his successor, Greg Abel, who was chosen by Buffett four years ago. During the meeting in Omaha, Nebraska, Buffett mentioned that only his two children were aware of his retirement plans before the public announcement.
Under Buffett’s leadership, Berkshire Hathaway has acquired over 60 companies, including Geico, Duracell, and Dairy Queen, and holds significant investments in major companies like Apple, Coca-Cola, Bank of America, and American Express.
Despite his immense wealth, with a net worth of $154 billion, Buffett is known for his frugal lifestyle, residing in the same modest home in Omaha for over six decades. His philanthropic efforts have also been significant, with billions donated to various causes over the years.
Warren Buffett’s legacy as a legendary investor and philanthropist will continue to inspire future generations, even as he passes the torch to his successor at Berkshire Hathaway.
