Legendary investor Warren Buffett introduced right now that he’ll ask the Berkshire Hathaway board to have Greg Abel exchange him as CEO on the finish of 2025.
“I feel the time has arrived the place Greg ought to change into the chief govt officer of the corporate at 12 months finish,” Buffett mentioned on the finish of the corporate’s annual shareholder assembly, forward of its board assembly Sunday.
At the identical time, Buffett, who’s 94 years previous, mentioned that he would “dangle round” in some capability. He and Abel instructed CNBC that they might use Sunday’s board assembly to debate what Buffett’s formal function shall be after he steps down.
Buffett had beforehand recognized Abel — at present Berkshire Hathaway’s vice chairman for non-insurance operations — as his successor, however he hadn’t mentioned when Abel would take over.
While know-how is only one of many areas the place Buffett and Berkshire Hathaway make investments, it’s made massive bets on the trade. Even after promoting half its Apple inventory final 12 months, the corporate represents greater than 20% of its portfolio.
