Warren Buffett To Step Down As CEO, Leaving US$348 Billion Cash Pile To Successor
Berkshire Hathaway Inc. Chief Executive Officer, who is also known as the Oracle of Omaha, Warren Buffett, has announced that he will step down from the company he helped build to a US$1.16 trillion conglomerate.
Warren has selected Greg Abel to succeed him, who is currently the vice chairman for non-insurance operations, and upon approval from the board.
The announcement stunned the board and even Abel, who was long signaled as Buffett’s successor, was unaware that the news was coming as the annual drew to a close. After six decades at the helm, Buffett will be entrusting the company he bought shares in 1965, and later took control of to a deputy he feels can handle the job.
Berkshire is currently sitting on a cash pile of US$347.7 billion as of March 31, 2025.
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