(Omaha, NE) – The billionaire that took a failing textile mill in the 1960s and transformed it into a booming conglomerate is stepping down from his role as CEO. Warren Buffet, CEO of Berkshire Hathaway, is going to be passing the torch to Vice Chairman Greg Abel. Berkshire’s board will now vote on whether to formally approve Abel as the new CEO to take over at the end of 2025.
The announcement was made at the annual shareholders meeting, and despite naming his son as his successor as chairman to maintain the company culture, the move came as a surprise to many. It’s not yet clear whether or not Abel will also be taking over as chairman. Buffett said he has enjoyed his career and has very little to complain about. Buffett owns around $160 million dollars of the company and also announced he has zero intentions of selling a single share.
© Xinhua
