The Oracle of Omaha takes his last bow. It’ll be a new Berkshire Hathaway from here on out
CNN
Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year, handing the reins to his chosen successor, Greg Abel.
It’s hard to think of anyone on Wall Street who contains quite the same contradictions as Warren Buffett. He’s a white-haired, ice-cream-eating, Cherry-Coke drinking avuncular figure — who has also cut some of the world’s sharpest deals and amassed a fortune bigger than some nations’ entire annual economy. Buffett, 94, said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year, handing the reins to his chosen successor, Greg Abel. Abel, the chairman and CEO of Berkshire Hathaway Energy, has been a well-liked and respected lieutenant of Buffett’s for years. Buffett is known for picking adept managers for his many businesses, and even within that group, Abel stood out. But for Berkshire Hathaway, for Wall Street — and maybe even for a certain vision of American capitalism — there’s no one like Buffett himself. Warren Edward Buffett started life in a pretty good spot, the son of a father in the investment business who later became a congressman. Buffett was something of a 1950s nepo baby, starting his career in 1951 as a salesman for Buffett, Falk, & Co., his father’s investment firm. But the young Buffett started his own investment firm in 1956; less the a decade later, he owned a controlling stake in Berkshire Hathaway, then a struggling textile manufacturer in New Bedford, Massachusetts.
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