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Renowned American investor and philanthropist Warren Buffett will retire as the chief executive of Berkshire Hathaway by the end of the year.
The long-time investor, famously known as the Oracle of Omaha, revealed during his company’s annual gathering that he would pass the leadership to Vice-Chairman Greg Abel.
Mr. Buffett, who transformed Berkshire Hathaway from a struggling textile company into a thriving investment giant valued at $1.16 trillion, is the most successful investor globally.
Following a standing ovation from an audience of approximately 40,000, he humorously remarked, “The level of enthusiasm displayed in that reaction could be seen in two ways.”
During Saturday’s meeting in Omaha, Nebraska, Mr. Buffett said that only his two children, Howard and Susie Buffett, were aware of his decision before the announcement. Mr. Abel, seated beside Mr. Buffett on stage, appeared surprised by the news.
Mr. Buffett selected Mr. Abel as his successor four years ago, but did not mention his retirement plans then. Throughout the meeting, Mr. Buffett said he does not intend to divest Berkshire shares.
Berkshire Hathaway owns over 60 companies, including the insurance company Geico, the battery manufacturer Duracell, and the restaurant chain Dairy Queen. It also holds significant investments in Apple, Coca-Cola, Bank of America, and American Express.
Mr. Buffett, who has donated billions to philanthropic causes, was recently listed by Bloomberg as the world’s fourth-richest individual, with a net worth of $154 billion.
He earned his first profits as a six-year-old, purchased his first stocks at 11, and filed his first tax return when he was 13.
Despite being one of the wealthiest individuals globally, Mr. Buffett has resided in the same unassuming home in Omaha for over 65 years.
