OMAHA, Nebraska â Warren Buffett said he will ask the board of Berkshire Hathaway to replace him as CEO with his already designated successor, Greg Abel, at year end.
Buffett noted that he would still ‘hang around’ to help, but the final word would be with Abel.
Buffett, 94, is currently CEO and chairman of the conglomerate.
The investing legend said at the annual meeting celebrating 60 years of him at the helm of Berkshire that he wouldn’t sell a single share.
“I would add this, the decision to keep every share is an economic decision because i think the prospects of Berkshire will be better under Greg’s management than mine,” said Buffett.
This is breaking news. Please check back for updates.