Billionaire investor Warren Buffett has announced that he will step down as the CEO of Berkshire Hathaway by the end of this year.
According to the BBC, the 94-year-old made this statement during his company’s annual meeting, saying it is now time for Vice Chairman Greg Abel to take over the leadership of the company.
Buffett said, “I think this is the right time. Greg should become the CEO by the end of the year.”
Once a struggling textile company, Berkshire Hathaway was transformed by Buffett into a massive investment firm now worth about $1.16 trillion.
He is known as one of the most successful investors in the world.
Berkshire Hathaway owns over 60 companies, including the insurance company GEICO, battery maker Duracell, and the Dairy Queen restaurant chain. It also has major investments in big companies like Apple, Coca-Cola, Bank of America, and American Express.
According to a Bloomberg report last month, Warren Buffett was the fourth richest person in the world, with a net worth of $154 billion.
Apple CEO Tim Cook posted on social media platform X, saying, “There’s no one like Warren, and I’m one of the countless people deeply inspired by his wisdom.”
