Warren Buffett to Step Down as Berkshire CEO: Who Will Take the Reins?

Bloomberg/New Delhi(The Uttam Hindu): Warren Buffett, the iconic billionaire investor and CEO of Berkshire Hathaway, will step down at the end of the year after six decades at the helm. Greg Abel, the vice chairman for non-insurance operations, will take charge of the conglomerate upon board approval. Buffett, 94, announced the news at the company's annual shareholder meeting in Omaha, Nebraska, surprising even Abel, who was long signaled as Buffett's successor. The board plans to meet on Sunday to finalize the transition.

Under Buffett's leadership, Berkshire Hathaway has grown into a $1.16 trillion business, with a diverse portfolio of companies including insurance, railroads, energy, and retail. Buffett's investing acumen and witticisms have made him a celebrity billionaire, with a 20% compounded annual gain in Berkshire stock between 1965 and 2024.

Abel, 62, will take over a healthy business with $47.4 billion in annual operating earnings in 2024. Berkshire's increased holdings of Treasury bills have helped lift investment income, despite some challenges in the insurance unit. Buffett's decision to step down marks the end of an era for Berkshire Hathaway. His investing philosophy and quotes have inspired fans worldwide. As he passes the torch to Abel, the future of the conglomerate looks promising, with a strong foundation and a talented leadership team.