Buffett to step down at year-end, recommend Abel as next CEO

Berkshire Hathaway (BRK.B) (BRK.A) CEO Warren Buffett said today at the company’s annual meeting that he will be stepping down at year-end. Buffett will recommend to the board that Greg Abel take his place. “Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there. The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end,” said Buffett, who added he won’t sell any shares as he steps down. “I would add this, the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.” He said, of the board, “I think they’ll be unanimously in favor of it.”