Warren Buffett said on Saturday that he plans to step down by the end of this year as CEO of Berkshire Hathaway.
The billionaire investor named Greg Abel, who is vice chair, as his replacement.
Buffett, 94, said he would “hang around” the conglomerate, according to CNBC.
He said he has no plans to sell his shares in Berkshire Hathaway.
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“I would add this, 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,” he added.
After making his announcement, the investor received a several-minute standing ovation in honor of his decades of service.
Buffett has been preparing Abel to be his successor for years, telling CNBC in 2021, “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.”
This is a developing story. Please check back for updates. Reuters contributed to this report.
