Warren Buffett Announces Intention to Retire by End of 2025

Contact Your Elected Officials

โ€˜I think the time has arrived where Greg [Abel] should become the chief executive officer of the company at year end,โ€™ Buffett said.

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 firmโ€™s vice chairman, Greg Abel, to replace him in discussions with Berkshire Hathawayโ€™s board on Sunday.

โ€œI think the time has arrived where Greg should become the chief executive officer of the company at year end,โ€ Buffett said.

While Abel has been Buffettโ€™s designated successor for years, amid managing much of Berkshireโ€™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.

The retirement announcement was made at the close of a five-hour question-and-answer period, with Buffett not taking questions on the topic. The only board members who knew ahead of time were his two children, Howard and Susie Buffett, he said.

Abel, who was positioned next to Buffett on stage, did not know in advance. An hour later, Abel returned without his boss to conduct Berkshire Hathawayโ€™s formal business meeting, where he reacted to the news.

โ€œI just want to say I couldnโ€™t be more humbled and honored to be part of Berkshire as we go forward,โ€ Abel said.

Many investors have expressed confidence in Abelโ€™s ability to run the firm, but itโ€™s not yet clear how that will extend to investments of Berkshireโ€™s funds. On Saturday, Buffett endorsed his successor and pledged to keep his money invested in the firm.

โ€œI have no intentionโ€”zeroโ€”of selling one share of Berkshire Hathaway. I will give it away eventually,โ€ Buffett said. โ€œThe decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Gregโ€™s management than mine.โ€

Byย Jacob Burg

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Trump Is World Peacemaker, United Nations Is A Disgrace

The major force for peace in the world today is Trump. He has accomplished more to end wars and save lives than UN, โ€œthe worldโ€™s best hope for peace.โ€

Happy 90th Birthday, Ron Paul, You Incorrigible Maverick!

Some people look to the Trump GOP takeover in 2016 as the moment the GOP transformed from a party different from the Democrat party.

Timed delivery

Reaganโ€™s speeches were crafted to marinate our collective consciousness, while Trumpโ€™s aim for viral impact and an immediate dopamine engagement.

Whistleblower Exposes former A.G. Bill Barr!

Patrรญcia Lรฉlis delivered evidence exposing an alleged visa fraud scheme involving former AG Bill Barr, Armstrong Williams, and other D.C. insiders.

Made in America is Coming Back!

Trump's tariffs and the reshoring of companies into the US, are making America rich and creating hundreds of thousands of jobs for Americans. ย 

Fed Official Says Latest Jobs Data Supports 3 Rate Cuts in 2025

One of the Federal Reserve governors said recent job data backs up her position that three interest rate cuts should be instituted in 2025.

Pilot Program Aims to Teach Kids the Value and Potential of Money

Middle School MBA focuses on business economics and is modeled after grad school degree programs scaled to appropriate age group.

European Leaders Call for Protection of Ukraine as Trump Set to Meet Putin

Coalition of European leaders released statement stressing need to ensure European and Ukrainian interests are protected during talks ending conflict.

DHS Remembers Victims of Serious Crimes Committed by Illegal Immigrants

Dept of Homeland Security on Aug. 6 commemorated the victims of fatalities and serious crimes committed this year by illegal immigrants in the US.

Trump Nominates Tammy Bruce as Deputy Representative to UN

President Trump nominated State Dept spokesperson Tammy Bruce as the U.S.โ€™ deputy representative to the U.N. with the rank of ambassador.

US Treasury Sanctions Members of Mexican Cartel โ€˜Los Zetas,โ€™ Including Rapper El Makabelico

Treasury Dept imposed sanctions against high-ranking members and an associate of the Mexican Cartel del Noreste, (Los Zetas) based in Mexico.

Trump Removes IRS Commissioner Billy Long

President Trump is replacing Billy Long as commissioner of the IRS less than two months after his confirmation, a WH official confirmed.

Trump-Brokered Armeniaโ€“Azerbaijan Peace Deal Secures US Trade Route

Trump will host leaders of Armenia and Azerbaijan at the White House to sign a joint declaration ending four decades of hostility between the two nations.
spot_img

Related Articles