Revered investor Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year, Associated Press reported.
Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.
Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed he wouldn’t take over until after Buffett’s death. Previously, the 94-year-old Buffett has always said he has no plans to retire.
Buffett announced the news at the end of a five-hour question and answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning, according to Associated Press.
