Warren Buffett, the 94-year-old investing icon, has announced he will step down as CEO of Berkshire Hathaway, marking the end of an era for one of the world’s most influential companies, BBC News reports.
Buffett, who transformed Berkshire from a struggling textile firm into a global conglomerate valued at over $900 billion, has led the company since 1965 and become a household name for his investing genius and homespun wisdom.
What’s next for Berkshire:
Vice Chairman Greg Abel, long seen as Buffett’s heir apparent, is expected to take over as CEO. Abel has overseen Berkshire’s vast non-insurance operations, including energy, railroads, and manufacturing, and has earned Buffett’s trust as his top lieutenant.
Buffett’s legacy:
- Under Buffett, Berkshire’s share price skyrocketed, and its portfolio grew to include Geico, BNSF Railway, Dairy Queen, See’s Candies, Apple, Coca-Cola, and Bank of America.
- Buffett became renowned for his value investing approach, disciplined capital allocation, and focus on long-term growth.
- Beyond business, Buffett pledged to give away the bulk of his fortune and co-founded the Giving Pledge with Bill Gates to encourage billionaire philanthropy.
What Buffett said: While Buffett’s official statement is expected soon, he has previously signalled confidence in Berkshire’s future without him.
“Berkshire is built to last,” Buffett said at past shareholder meetings.
“The culture is strong, the managers are outstanding, and the shareholders think like owners.”
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