Warren Buffett will step down as Berkshire Hathaway CEO

Legendary Investor Warren Buffett today announced that he would ask the Berkeshire Heathway Board to replace Greg Abel as CEO at the end of 2025.

“I think the time has come where Greg should become the chief executive officer of the company at the end of the year,” Buffett said at the end of the company’s annual shareholder Meeting, before the board meeting on Sunday.

At the same time, Buffett, who is 94 years old, said he was “roaming” in a capacity. He and Abel told the CNBC that they would discuss the use of the board meeting on Sunday that they would have a formal role of buffet after retiring.

Was buffett Habel was identified before that -Currently, Vice Chairman of Burkeshire Heathwee’s non-insurance operations-as his successor, but he did not say when Abel would take power.

Although technology is one of many areas where Buffett and Berkeshire Heathu has invested, it has made a big bet on the industry. Even after selling its Apple stock last year, the company represents More than 20 % of its portfolio.