Investing.com -- Legendary investor Warren Buffett announced Saturday that he will step down as the CEO of Berkshire Hathaway (NYSE:BRKa) after six decades at the helm. He will be leaving the long-held post at the end of this year. Buffett was speaking at the company’s annual meeting in Omaha, Nebraska.
Buffett’s successor has been confirmed as Greg Abel, who currently serves as the vice chairman for non-insurance operations. Abel is set to take the helm of the conglomerate following Buffett’s departure.
Warren Buffett has been at the forefront of Berkshire Hathaway’s growth into a powerhouse conglomerate, overseeing a diverse portfolio of businesses and investments. His investment strategies and business acumen have earned him the nickname "The Oracle of Omaha."
The succession plan comes after years of speculation about who would follow Buffett as the company’s chief. Buffett is 94 years old. Abel’s appointment aligns with Buffett’s previous hints regarding the future leadership structure of Berkshire Hathaway.
The company, under Buffett’s stewardship, has seen massive success over the years.
