Buffett Steps Down, Abel to Take Over at Berkshire Hathaway

It wasn’t immediately clear whether Abel would likewise take over the chairman function. The duo will certainly review at a Sunday board meeting what Buffett’s duty could be moving forward. Buffett said he would “spend time” to assist, but that Abel would have the last word.

Abel to Succeed Buffett

Buffett, Berkshire’s chief executive officer and chairman, stated he will recommend to the board that Greg Abel, long his beneficiary obvious, take over as CEO. Abel is currently the chairman and chief executive officer of the company’s energy company and the vice chairman of Berkshire’s non-insurance operations.

Buffett’s End of Career

Warren Buffett said Saturday that he will tip down as the head of Berkshire Hathaway (BRK.A) at the end of this year, ending a fabled investing career that saw him beat the market every year and earned him the label “Oracle of Omaha.”

“I believe the potential customers of Berkshire will certainly be far better under Greg’s monitoring than mine,” Buffett stated during the meeting. Previously on Saturday, Buffett claimed he really hoped Abel was “still running things” half a century from currently.

Talking during the conference, Abel stated he has a hands-on supervisory style. He claimed he wishes to ensure managers are talking to each various other and sharing expertise and experience. Abel stressed reinvesting in existing companies, acquiring organizations outright, and getting stakes in public companies.