Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.
By the end of the year, he is preparing to give up that role.
Mr. Buffett said at Berkshire’s annual shareholder meeting on Saturday that he plans to ask the company’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.
Mr. Abel would have “the final word” when it comes to the company’s operations, how it invests and more, Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha.
But Mr. Buffett added that he “would still hang around and conceivably be useful in a few cases.” He will remain chairman of Berkshire — turning that role over to his son Howard Buffett upon his death — and remains the company’s single biggest shareholder, with a roughly 14 percent stake that is worth about $164 billion.
Mr. Buffett’s plan, which he said had been known only to two of his children who sit on the company’s board, Howard and Susan Buffett, was greeted by a minute-long standing ovation by Berkshire shareholders Mr. Abel, 62, appeared surprised by his boss’s announcement. After the announcement, several board members attending Berkshire’s meeting hugged each other.
Though Mr. Buffett looked in good health, having led several hours of questions from investors on Saturday, changes to this year’s annual meeting — his 60th at Berkshire — reflected his advancing age. He used a cane, which he first mentioned in the company’s annual letter in February, and shortened the shareholder question session by several hours.
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