Legendary investor Warren Buffett announced today that he would ask the Berkshire Hathaway Commission to have Greg Abel replace him with CEO at the end of 2025.
“I think it's time for Greg to become the company's CEO at the end of the year,” Buffett said at the end of the company's annual shareholders meeting ahead of Sunday's meeting.
At the same time, 94-year-old Buffett said he would “wander around” with some abilities. He and Abel told CNBC they will use the board on Sunday to discuss Buffett's formal role after he resigns.
Buffett previously identified Abel (now the vice-chairman of Berkshire Hathaway's non-insurance business) as his successor, but he did not say when Abel would take over.
Technology is just one of many areas Buffett and Berkshire Hathaway invest in, but it has a big bet on the industry. Even after selling half of Apple stock last year, the company represents more than 20% of its portfolio.