Billionaire investor Warren Buffett announced he was going to step down as CEO of Berkshire Hathaway by the end of the year. He has tapped Berkshire Hathaway executive Greg Abel replace him.
The billionaire investor took over the reins of Berkshire Hathaway back in 1965, when it was a medium-sized textile manufacturer.
Buffett then acquired businesses across a range of industries and built the conglomerate into the economic powerhouse known to investors and market observers today.
In doing so, Buffett also became known for his investing acumen and, at 94 years old, is one of the world’s most famous investors and had previously said he did not intend to retire.
Buffett taps Greg Abel to take over
Buffett said he would convene the board of directors to have 62-year-old Greg Abel, currently the vice chairman for non-insurance operations at Berkshire Hathaway, take over as chief executive officer of the conglomerate.
“The time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.
“I would still hang around and could conceivably be useful in a few cases, but the final word would be what Greg said in operations, in capital deployment, whatever it might be,” he added.
Source : https://www.dw.com/en/warren-buffett-to-step-down-as-ceo-of-berkshire-hathaway/a-72427949
