Warren Buffett, after 55 years ago, intends to step as CEO of Berkshire Hathaway, ending as CEO of the longest -serving company S&P 500.
The legendary investor announced that he would recommend to the Berkshire Board that he would become CEO at the end of this year. He published news to the stadium full of shareholders at the Berkshire annual meeting in Omaha on Saturday. The people gave the Buffett two standing ovations and acknowledged their many years of service with a roaring applause.
“The enthusiasm of this answer can be interpreted in two ways,” Buffett joked before adding, “Thank you.”
When a buffet gets its way, Greg Abel, the head of non -insurance companies in Berkshire, is responsible for the new year for the conglomerate.
“Abel is in a wonderful and difficult situation. On the stage of Bruce Springsteen, it is easier to watch than follow a buffet,” said Erik Gordon Bi, a business professor at the University of Michigan University.
The 94-year-old Buffett bought Berkshire when it was a textile factory factory in New England in 1965. Over the past six decades, he has grown to a $ 1 trillion of conglomerate, which includes a wealth of companies, including Geico, see candy, and BNSF railway and owns Coca-Cora, American, American, American, American Express, and elsewhere in Multi-Lefill.
“Omaha Oracle” monitored Berkshire A -Class A earnings of about 5500,000% of the profits of 1965-2024, compared to S&P 500 as a whole for about 39,000%. The value of Berkshire's shares was on average 19.9% per annum during this period, which is more than double the 10.4% comparative profit.
The price of a balloon stock has made Buffett phenomenally wealthy. Even after he has given more than half of his shares for good reasons, he is now the fifth richest person in the world with a $ 169 billion net value.
Buffett leaves the role of the CEO on a high note. Berkshire's shares have risen by 20% this year, until the record level, which led to the 3% decline in S&P. Investors bank with a firm hand to direct them in the market and through economic instability, incited by President Donald Trump's tariffs. Also betting they may -that, too, the most important favorable hunter in the world can, so that he would bounce out any favorable shares and companies, as he did famously 2008 Financial CrisisTo.
When Buffett releases his chair, Abel has an enviable task to follow one of the great business leaders of American history, who has become virtually synonymous with his company. He can expect intense control of his decisions from all corners and endless comparisons with his predecessor who ruled Roost for nearly six decades.
Buffett is remembered as the CEO of the construction of one of the world's most valuable companies, creating tremendous wealth for its investors, stimulating the unique culture of shareholders, focusing on long-term ownership, and inspiring the legions of investors and managers with his investment, business, management and living hours.
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