Omaha, Nebraska (Reuters) – Warren Buffett announced on Saturday that he would resign from his post as director general of the Berkshire Hathaway conglomerate at the end of the year and entrusts the reins to the current vice -president Greg Abel.
“I think the time has come that Greg becomes the CEO of the company at the end of the year,” said the billionaire, who is 94 years old, at the annual general meeting of the company.
Greg Abel, who is 62, is vice-president of Berkshire since 2018 and was appointed as a successor to the post of director general in 2021. He joined Berkshire Hathaway through the Midamerican Energy company, where he entered in 1992 and worked for eight years before his acquisition by Berkhshire. He then directed this entity, renamed Berkshire Hathaway Energy for ten years.
Warren Buffett added that he had no intention of selling his Berkshire shares, of which almost all will be paid to charitable organizations after his death. Forbes magazine assesses the fortune of the businessman at 168.2 billion dollars (148.8 billion euros). It would be even higher if it had not sold more than half of its actions since 2006 to resell the product to charities.
In sixty years of career, Warren Buffett has transformed Berkshire, a textile company into difficulty which he bought in 1965, into a gigantic conglomerate present in many sectors of the American economy.
Accompanied by his friend and lifelong partner Charlie Munger, originally like him of Nebraska and died in 2023, Warren Buffett made Berkshire Hathaway a group weighing more than $ 1,000 billion in turnover with nearly 200 activities ranging from agro-food insurance, textiles to chemistry.
Warren Buffett won the nickname “Oracle d’Omaha”, a city of Nebraska and the seat of the company, for its investment decisions often crowned with success and a lifestyle without scoring. While the Berskhire action increased from 5.502% from 1965 to 2024, he never left the house he had bought in 1958 for 31,500 dollars.
(Jonathan Stempel, Suzanne McGee; Jean-Stéphane Brosse for the )
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