Billionaire investor Warren Buffett has shocked investors after announcing he will be stepping down as CEO of Berkshire Hathaway at the end of the year.
The 94-year-old, the world’s fifth richest man, made the surprise announcement at the company’s 2025 investor conference on Saturday.
Back in May 2021, Buffett announced that then-vice president Greg Abel would succeed him at the head of the company, but did not provide a definitive timeline for when he would be handing over the reins.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end and I want to spring that on the directors eventually and give that as my recommendation,” he said at the conference on Saturday.
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