Buffett says US shouldn’t use ‘trade as a weapon’, says he wants to retire at end of year
The Berkshire Hathaway chair stunned shareholders with news that he hopes to hand over the reins to Greg Abel within months
Warren Buffett shocked an arena full of his shareholders on Saturday by announcing that he wants to retire at the end of the year.
Buffett said he will recommend to Berkshire Hathaway’s board that Vice-Chairman 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 non-insurance businesses. But it was always assumed that he wouldn’t take over until after Buffett’s death. Previously the 94-year-old investor has always said he had no plans to retire.
Buffett announced the news at the end of a five-hour question and answer period and did not 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.
Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire’s cash. Buffett also endorsed him on Saturday by pledging to keep his fortune invested in the company.
“I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”