Investor and billionaire Warren Buffett told an arena full of shareholders on May 3 that he will retire by the end of the year, capping off roughly six decades of running his Berkshire Hathaway firm that made him a world-famous investor.
Buffett said he will recommend his firm’s vice chairman, Greg Abel, to replace him in discussions with Berkshire Hathaway’s board on Sunday.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.
While Abel has been Buffett’s designated successor for years, amid managing much of Berkshire’s noninsurance businesses, it was expected that he would not take over until after Buffett died. Additionally, Buffett, 94, had always said he had no intention to retire….