Warren E. Buffett serves as CEO of Berkshire Hathaway at the forefront of American capitalism, a conglomerate he built in the $1.1 trillion Colossus.
By the end of this year, he is ready to give up the role.
Mr. Buffett said at the company's annual shareholders' meeting on Saturday that he plans to ask Berkshire's board of directors to make his heir Gregory Abel obvious, his heir, and the CEO.
Mr. Buffett, 94, told thousands of Berkshire shareholders at the Omaha meeting at the company's headquarters. However, Mr. Abel will have the “last sentence” in terms of the company's operations, investment methods, etc.
Mr. Buffett’s plan – He said there were only two children sitting on the company’s board of directors, Howard and Susan Buffett, and Berkshire shareholders welcomed one minute of applause.
If the board of directors approves the plan, it would mark the end of an era of one of the most successful companies in modern capitalist history and one of its most famous investors. By becoming a savvy stock picker, Mr. Buffett bought large companies and formed a group that ran a huge insurance business, a huge insurance business, a large railroad, dozens of consumer companies, and oversees a huge stock portfolio.
It made Mr. Buffett one of the most influential businessmen in the world, making his statement on many topics including politics, significant weight. Buffett said that included his criticism of President Trump's trade policy: “Trade should not be a weapon,” Buffett said. “I don’t think it’s right, I don’t think it’s wise.”
Andrew Ross Sorkin Contribution report.
