Warren Buffett to retire as Berkshire Hathaway CEO, passing leadership to Greg Abel while remaining chairman of the conglomerate.
Warren Buffett, the 95-year-old billionaire and CEO of Berkshire Hathaway, announced on Monday that he will step down from his role at the end of the year. “I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet’,” he told shareholders in his annual CEO message.
Buffett will hand over the CEO position to Greg Abel, CEO of Berkshire Hathaway Energy and vice-chairman of the firm’s non-insurance operations. “I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,” he said.
Once the world’s richest person, Buffett’s net worth is now estimated at $148.2 billion. He will remain chairman of Berkshire Hathaway, which owns Geico, Duracell, Dairy Queen, and other companies.