Legendary investor Warren Buffett announced on Saturday that he will step down as CEO of Berkshire Hathaway (NYSE: BRKa) after leading the company for nearly six decades. His departure is set for the end of this year, as he revealed during Berkshire’s annual meeting in Omaha, Nebraska.
Greg Abel, currently vice chairman overseeing the firm’s non-insurance operations, has been officially named as Buffett’s successor. Abel will assume leadership of the conglomerate once Buffett steps down.
Buffett has played a pivotal role in transforming Berkshire Hathaway into a global powerhouse, building a vast and varied portfolio of businesses and investments. His sharp investment insight has earned him the moniker “The Oracle of Omaha.”
This long-anticipated transition ends years of speculation about who would succeed Buffett as CEO. At 94, Buffett’s choice of Abel confirms earlier signals he had given about the company’s future leadership.
Under Buffett’s leadership, Berkshire Hathaway has grown into one of the most successful and admired companies in the world.
