Berkshire's CEO, the wealthy investor Warren Buffett, has stepped down. He's candidly disclosed his rationale.
Time for a Change: Iconic Investor Warren Buffett Steps Down as Berkshire Hathaway CEO
It's the end of an era as Warren Buffett, the revered US investor, announce his stepping down as CEO of Berkshire Hathaway by December. Buffett, who turns 94 this year, shared the news in an interview with the Wall Street Journal, admitting that he is no longer at his peak because of his advanced age.
His successor, Gregory Abel, is gearing up to take on the role, to help keep the company moving forward. Although Buffett will be stepping down, he's not leaving the company altogether. He'll keep his seat as chairman of the board, with plans to stay active in the office and make decisions, especially during market turbulence.
Buffett admits that he initially thought he'd remain as CEO until he felt it was no longer beneficial to shareholders. However, he's been surprised at how long he's remained useful. He trusts Abel to take over effectively, saying, "It was really unfair not to put Greg in the job. The more years Berkshire gets from Greg, the better."
Buffett's decision to step down after a staggering 55 years marks a natural progression, given his advanced age and the need for a more dynamic leadership team. The transition is showing signs of being a smooth one, with Abel eager to maintain the core investment principles responsible for Berkshire's success. Buffett has no plans to sell his shares, indicating he'll stay linked to the company in some capacity, although specifics about his ongoing role have yet to be announced.
**Sources**
\1. Berkshire's Abel to succeed Warren Buffett as CEO: Reuters\2. Warren Buffett to Step Down as Berkshire Hathaway CEO: CNBC\3. Warren Buffett Steps Down as CEO of Berkshire Hathaway: NPR.org
What will be Buffett's new role after stepping down as CEO of Berkshire Hathaway? He will continue to serve as the chairman of the board and will aim to stay active in the office, particularly during times of market turbulence. Moreover, he has shown interest in personal-finance matters and might offer insights or advice in this area, given his extensive experience in the finance and business world.
