Warren Buffett, the billionaire investor who has run Berkshire Hathaway for 60 years, announced on Monday that he would step down as chief executive officer of the conglomerate. This decision comes after he has experienced occasional balance issues and difficulty remembering names.
Transition of Leadership
- Chairman Role: Mr. Buffett will remain chairman of Berkshire Hathaway.
- New CEO: Greg Abel, currently vice chairman of non-insurance operations, will take over as president on January 1 next year. He is set to become president and chief executive officer two years later when Mr. Buffett fully retires from both roles.
Company Performance
- Berkshire shares were trading near a record high, giving the company a market capitalization of almost $1.2 trillion.
Long-Term Succession Plan
Mr. Buffett’s decision to step down aligns with his long-standing plan to gradually transfer control of Berkshire Hathaway to younger executives. The company has been preparing for this transition by grooming several executives who have worked under Mr. Buffett for decades, developing expertise in various areas such as:
- Insurance underwriting
- Manufacturing operations
- Investing
Executive Promotions
In addition to Mr. Abel’s promotion as president, the following changes will take place:
- Ajit Jain: Becomes vice chairman of insurance operations.
- Gregory Peck: Becomes vice chairman of non-insurance operations.
Berkshire Hathaway’s Portfolio
Berkshire Hathaway owns more than 60 companies, including:
- BNSF railroad
- Geico auto insurer
- Coca-Cola Co.
- American Express Co.
- Apple Inc.
- Bank of America Corp.
- Wells Fargo & Co.
- Kraft Heinz Co.
The company also holds significant stakes in other publicly traded companies, including:
- Occidental Petroleum Corp.
- Phillips 66
- Chevron Corp.
- ConocoPhillips
Mr. Buffett has been at the helm of Berkshire since May 1970, after taking over from its previous CEO, Ken Chace Jr.
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