Legendary investor Warren Buffett has announced that he will be stepping down from his role as Chief Executive at Berkshire Hathaway.
The 94-year-old had been speaking at the company’s annual shareholder meeting in Omaha, Nebraska, when he made the announcement.
Buffett, commonly referred to as The Oracle of Omaha, was given a standing ovation by the thousands that had gathered at the meet after making the announcement.
He said he will recommend to Berkshire Hathaway´s board that Greg Abel should become CEO at the end of the year.
‘I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end’, he told the gathering.
Buffett, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, May 5, 2019
Previously, Buffett has always said that he had no plans to retire.
This is a breaking news story.
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