Warren Buffett to pass the torch as Berkshire Hathaway CEO

Warren Buffett said Saturday he will ask Berkshire Hathaway's board to replace him as CEO with his designated successor Greg Abel at the end of this year.Why it matters: It's the end of an era for one of the world's richest and most storied investors, who's run Berkshire for decades.Catch up quick: Buffett saved the bombshell for the end of Berkshire's annual shareholder meeting, a days-long pilgrimage for fans of the "Oracle of Omaha" that attracts more than 100,000 visitors. "I think ... the time has arrived where Greg should become the chief executive officer of the company at year-end," Buffett said.Buffett said his plans would be news to the company's board, which will now meet Sunday to discuss the transition. Zoom out: Buffett has been synonymous with markets in America for decades, a household name whose folksy aphorisms and value investing strategies inspired generations of investors. At 94 years old, he's having one of his best years in decades, outperforming the S&P 500 by almost 23 percentage points. Yes, but: Succession has been a hot topic for Berkshire for years, with questions growing louder after Buffett's long-time partner Charlie Munger died in 2023 at 99.Saturday's meeting was Buffett's 60th running the conglomerate, whose businesses range from utilities and railroads to running shoes and carpet.Zoom in: Replacing Buffett will be the Canadian-born Abel, 62, who comes from the energy industry.He's been vice chair of Berkshire Hathaway since 2018 and Buffett's designated successor since at least 2021.Editor's note: This story has been updated with background on Buffett and his successor.

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