At age 94, billionaire Warren Buffett announced his retirement plan.

At the annual meeting with shareholders on May 3, Mr. Warren Buffett announced that he will resign as CEO of Berkshire Hathaway and transfer to Mr. Greg Abel at the end of this year.

Billionaire Warren Buffett - Photo: REUTERS

According to the New York Times , Mr. Warren Buffett has asked the board of directors of Berkshire Hathaway - the corporation that this billionaire built into a $1,000 billion empire - to approve the proposal to appoint leader Gregory Abel (62 years old) to the position of CEO before the end of this year.

If approved, Mr. Abel will have final decision-making authority over the group's operations, including investment strategy and other matters.

However, Mr. Buffett said he will continue to be present as the largest shareholder of the group and is ready to support in some cases.

In the event of Mr. Buffett's death, his son, Howard Buffett, would assume his father's roles. Based on the information Mr. Buffett mentioned, only two children, Howard Buffett and Susan Buffett, are currently on the board of directors of Berkshire Hathaway.

If approved by the board, the proposal would mark the end of an era for one of the most successful companies in the history of modern capitalism, through the handover from Mr. Buffett - who is honored as the world's greatest investor.

International media commented that this leadership transition will be one of the most notable transitions in the American business community.

For years, Mr. Buffett has been trying to figure out who will succeed him at the complex corporation Berkshire Hathaway. In the end, he chose billionaire Abel.

According to CNBC, Mr. Abel has worked at the group for more than 20 years and has been a member of the board of directors since 2018. He currently holds the position of vice president in charge of non-insurance businesses, including utilities, railroads and retail.

Mr. Abel is considered billionaire Buffett's successor from 2021 when a senior advisor of Berkshire Hathaway revealed this decision at the shareholder meeting.

Announcing his successor in advance gives Mr. Abel time to build trust with shareholders and other partners of the group.

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KHANH QUYNH

Source: https://tuoitre.vn/o-tuoi-94-ti-phu-warren-buffett-thong-bao-ke-hoach-nghi-huu-2025050410055793.htm