Warren Buffett Berkshire Hathaway’s resignation from the post of CEO, recommendation of Greg Abel’s name as successor
Warren Buffett on Saturday announced his plan to retire by the end of the year. Berkshire recommended to make Greg Abel his successor as the head of Hathaway. Buffett said, “I think the time has come when Greg should become the Chief Executive Officer of the company by the end of the year.”
He announced his retirement at the end of the five -hour question -post session during the annual shareholder meeting. But no question was raised on the decision. He revealed that only his children, Howard and Suzy Buffett were already aware of this, while Greg Abel, sitting next to him on the stage, did not know about it.
Many investors believe that Abel Berkshire is suitable for leading Hathway. But there are questions about their investment skills. Buffett strengthened his faith in Abel by pledging to invest his luck in the company. In his statement, further stating that he will maintain his shareholding and support Abel. The billionaire investor said, “I have no intention of selling a single stock of Berkshire Hathaway. The decision to keep every shares is an economic decision because I think Berkshire’s prospects will be better than my management under Greg’s management.
Who is Greg Abel
Born in Canada, Ebel Admonton grew up in a working class area of Alberta. He studied at the University of Alberta, where he studied accounting and graduated with distance in 1984. He joined the consultative firm PWC in Admonton as a chartered accountant, later moved to the company’s San Francisco office, where he had a calener in his customers, with whom he left soon.
Abel served as Senior Executive Officer of the company from 1992 to 2008, became the chairman in 1999 when it became a mid -American energy holdings company. In 2014, Mid American Berkshire Hathaway became Energy – a subsidiary of the multinational group of Buffett. Berkshire Hathaway Energy has assets of over $ 90 billion and has its subsidiaries in energy business in the US, United Kingdom, Canada and Philippines.
