After more than six decades transforming Berkshire Hathaway from a struggling textile business into a massive conglomerate with a market value exceeding $1 trillion, Warren Buffett says he is finally ready to draw the curtain as the company’s chief executive officer (CEO).
“I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet’,” Buffet told shareholders in his annual CEO message as penned on Monday.
The billionaire businessman said he would hand over to Greg Abel, CEO of Berkshire Hathaway Energy, and vice-chairman of the firm’s non-insurance operations, at the end of the year.
He expressed confidence in Abel’s capacity to lead Berkshire’s prospects.
“I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,” Buffet said.
Once the richest person in the world, the 95-year-old’s net worth is estimated at $148.2 billion. Forbes ranks him as the 10th richest person in the world today.
Buffett is regarded as one of the greatest investors of today. Born to a US congressman, he reportedly bought his first stock at age 11 and filed taxes at 13.
Some of his Berkshire stake have now been converted to 1,800 A shares and distributed among four of his family’s foundations. The shares are worth a combined $1.35 billion, according to international media.
In his letter, the billionaire said he was grateful and surprised to be alive at 95.
Known as the ‘Oracle of Omaha’, he reflected on his Nebraska roots, his long business journey, and the lessons he has carried along the way.
“Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior,” Buffet said.
“Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.”
Berkshire Hathaway owns dozens of companies, including Geico, an insurer; Duracell, a battery maker; and Dairy Queen, a restaurant chain.
Although Buffet is retiring as CEO, he will remain chairman of the multinational conglomerate.
