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Warren Buffett will retire at the end of this year, suggested the name of Greg Abel for the new CEO
Warren Buffett Retirement: Warren Buffett surprised his shareholders by announcing his retirement at the end of this year on Saturday. During this, he has suggested the name of Greg Abel as the new CEO to the board of Berkshire Hathaway. Buffett said that I think Greg should become the Chief Executive Officer of the company at the end of the year.
Chairman and CEO of Berkshire Hathaway, Warren Buffett, said on Saturday that he is retiring. He stated that he wishes to retire later in the year. While doing so, Buffett proposed the name of Greg Abel as the incoming Chief Executive Officer to the board of the firm. Buffett stated, 'I believe the time is right when Greg should take the position of Chief Executive Officer of the firm in the later part of the year.' Buffett shocked his shareholders with the announcement of his retirement.
Greg Abel has long functioned as Buffett's heir for the last 94 years. He already operates all the non-insurance businesses of Berkshire. Nonetheless, individuals thought that Abel would succeed Buffett after he died.
Buffett announced his retirement at the end of a five-hour Q&A session during the annual shareholder meeting and did not take any questions about it. During this, Buffett revealed that only two members of the board knew about his retirement, who are his children, Howard and Suzy Buffett. Abel, who was sitting on the stage next to Buffett, had no idea about this.
