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.
According to international media, some of his Berkshire
stake has now been converted to 1,800 A shares, worth a combined $1.35 billion,
and distributed among four of his family’s foundations.
In his letter, the billionaire said he was grateful and
surprised by his luck 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 textile company.
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