Billionaire investor Warren Buffett, 94, announced the surprising news yesterday that he will retire from his position at Berkshire Hathaway by the end of 2025, and officially named Greg Abel, 62, as his successor.
Known as “The Oracle of Omaha” for his ability to predict market trends, Buffett has transformed Berkshire Hathaway from a modest textile company into a conglomerate worth more than $1 trillion.
Despite stepping down, Buffett has continued to assure shareholders that he will still be “around,” but that all the big decisions will now be in Abel’s hands.
The major shift comes after the company reported a 14% drop in profit in the first quarter.
However, with Buffett’s legacy strong, Abel’s leadership could bring about a new change and mark a new era for the investment giant.
