Berkshire Hathaway's CEO, Warren Buffett, is preparing to step down from his position.
Stepping Down: Warren Buffett Passes the Baton to Greg Abel
Here's a shocker—the 'Oracle of Omaha', Warren Buffett, is calling it quits as CEO of Berkshire Hathaway, wrapping up a 60-year-long career at the helm. Notably, the unforeseen move sees him handing over the reins to Greg Abel, current chair of Berkshire Hathaway Energy.
Abel, a Canadian magnate born and bred in Alberta, cut his teeth at PricewaterhouseCoopers before joining CalEnergy and ultimately Berkshire Hathaway back in 1999[2][4]. With a degree in commerce from the University of Alberta, Abel climbed the ranks at Berkshire Hathaway, serving as president of MidAmerican Energy Holdings Company following Berkshire's acquisition. He currently serves as Berkshire's vice chairman of non-insurance operations and chairs Berkshire Hathaway Energy, managing strategic assets like PacifiCorp and BHE Renewables[3][5].
In the latest annual general meeting, Buffett announced his decision to step aside, expressing his faith in Abel to carry on Berkshire's legacy[3]. Buffett will relinquish his role as CEO at year-end and will remain as chairman of the board[3][4].
Addressing the audience, who were stunned by the announcement, the venerable investor clarified that he has no intentions of selling his shares and will instead gradually give them away[4]. The news came as a surprise to most, with Buffett not hinting at his retirement plans to the media[6].
Keith Ashworth-Lord, CIO of Sanford DeLand Asset Management, echoed the sentiments of many, stating after the meeting that it marked the end of an iconic era[6]. Interestingly, the 2023 annual general meeting also saw the last appearance of Berkshire Hathaway vice chair Charlie Munger[6].
As the applause filled the room, Buffett pointed out that it could be interpreted in two ways. An undeniably emotional juncture, denoting the conclusion of a remarkable journey—marking the dawn of a new era[6].
In the wake of Warren Buffett's announcement to step down as CEO of Berkshire Hathaway, the mantle of leadership is set to pass to Greg Abel, who currently serves as Berkshire's vice chairman of non-insurance operations and chairs Berkshire Hathaway Energy. Abel's extensive experience in finance, having started at PricewaterhouseCoopers and rising through the ranks at Berkshire Hathaway, positions him for significant investments in Berkshire's stocks and maintaining the business's profile in the finance world.
