Warren Buffett to step down from Berkshire Hathaway after six decades

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Warren Buffett, the most famous investor in the world, said that he intends to step down from the leadership of his sprawling bloc, Perkshire Hathaway, the financial tyrant who has built over the past six decades.

The 94-year-old, known as “Oracle of Omhaa”, said that he will suggest that Greg Abel will take over the position of CEO of Burkshire at the end of this year.

He said: “The time when Greg has to become the company’s CEO at the end of the year, and I want to dazzle this for managers and obtain this recommendation.”

Abel, 62, who was eventually called Buffett, is the deputy chief of insurance operations in Berkshire. Puffett said that he did not give him, or other Berkshire managers, that is, prior notice, which makes the advertisement at the end of the historic annual shareholders meeting in Omaha, Nebraska.

Berkshire is one of the largest clumps in the world, and it runs a group of about 200 companies. Puffett first seized 1965 when he was a medium -sized textile maker.

Buffett said that on Sunday he will hold a meeting with Berkshire’s Board of Directors to answer questions about his decision. He added, before announcing his decision: “Two directors who are my children know what I will talk about. As for their rest, this will come as news.”

He added, “He will still be hanging over and can be useful in a few cases,” but the scarf must completely pass to Abel.

A crowd of tens of thousands of shareholders who went down to this event broke out to a minute after the announcement.

“The investment official in Berkshire, C.”, said. Stern and Partners, through tears, leaving the square on Saturday afternoon: “This is completely enormous.”

“Berkshire Hathaway is an incredible act and incredible achievement. It represents everything better than American capitalism and entrepreneurship.”

Buffett step down. Berkshire A-the separation that Pavit himself and many of his first investors-closed at a record price of 809,808.50 dollars, which is the price that reflects not only his long-term investment success but also the cash flow from Berkshire’s operational works.

The stock has increased by 20 percent since the beginning of the year, while the S& P 500 index decreased by 3 percent.

Puffett reassured the shareholders that even though he no longer led the bloc, he was holding his forms in Berkshire. “I have no intention – zero – to sell one share of Berkshire Hathaway. I will gradually give it up.”

Berkshire now earns a lot of its money from the wide insurance business, which includes companies such as GEICO, as well as countless companies from space manufacturing to railway to chocolate stores. The textile works were closed in 1985.

Although among the richest individuals in the country of about $ 168 billion, according to Forsa, Pavite maintained people’s aura, and attracted the shareholders annually to Umaha for the weekend at the celebrations. He still only takes a symbolic salary of $ 100,000, as he did for more than 40 years.

The death of his friend and commercial partner for a long time Charlie Monger In 2023, speculation increased about when Buffett may step down. Saturday afternoon in Omaha, the answer finally reached.

“This is the news hook for today,” said Buffett, a muffled laugh.