Warren Buffett, an American business magnate, investor and philanthropist is currently Chairman and CEO of Berkshire Hathaway. He made a shocking decision to retire by the end of the year. His decision has shocked shareholders and will bring the curtains down on a six-decade run of leading Berkshire Hathaway.
Buffett said that Vice Chairman Greg Abel will replace him. Abel has been Buffett’s designated successor for years but it was assumed that he would take over the reins only after the death of Warren Buffett. Earlier, the 94 year old Buffett said that he had no plans to retire.
Abel said that he is both humbled and honoured to be part of Berkshire. Moreover, investors have complete faith in his capacity to run Berkshire.
In many respects. Abel has already been running much of the company for many years and has hands-on experience.
