On May 3, local time, CCTV reporters learned that American investor Warren Buffett announced at the Berkshire Hathaway annual shareholder meeting that day that he planned to retire at the end of the year, shocking the shareholders present. Buffett said he will recommend to Berkshire Hathaway's board of directors that Greg Abell, vice chairman of non-insurance operations, take over as CEO at the end of the year, saying he believes the time is ripe for Greg to become CEO of the company.
According to the Associated Press, Buffett made the announcement at the end of a five-hour question-and-answer session and did not answer any related questions. Buffett said the only board members who knew about the incident were his two children, Howard Buffett and Susie Buffett.
△Greg Abel
Abel has been Buffett's designated successor for years, but it was long thought he would wait until Buffett's death to take over. Previously, the 94-year-old Buffett has always stated that he has no retirement plans.
Many investors have said they believe Abel will be able to run Berkshire Hathaway well, but it remains to be seen how well he will invest cash in the company.
Buffett said he has no intention of selling any shares of Berkshire Hathaway and will eventually donate them.