After nearly six decades at the helm, Warren Buffett says he will step down as CEO of Berkshire Hathaway, naming Greg Abel as his successor.
Warren Buffett has announced he will step down as chief executive of Berkshire Hathaway at the end of the year, handing leadership to Vice Chairman Greg Abel.
Buffett, 94, took control of Berkshire Hathaway in 1965 when it was a struggling textile manufacturer. Over the next six decades, he transformed it into a $1.16 trillion conglomerate spanning insurance, energy, consumer goods, and tech.
His surprise decision to step down marks the end of an era. Buffett said he had not given advance notice to board members, making the announcement unexpected even within the company.
Widely regarded as the world’s most successful investor, Buffett built Berkshire into a corporate giant that now owns more than 60 companies, including Geico, Duracell, and Dairy Queen. The firm also holds major stakes in Apple, Coca-Cola, Bank of America, and American Express.
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