Buffett to Step Down as CEO of Berkshire Hathaway by Year-End

At the end of the shareholders' meeting, Buffett suddenly announced that he would resign as CEO of Berkshire Hathaway by the end of the year. He will recommend Greg Abel, the previously announced successor and the company's vice chairman, to take over as CEO at the end of the year. Buffett stated that he "will still stay" and provide assistance, but the "final decision-making power" will be in Abel's hands. According to Buffett, neither Abel nor other board members knew this would happen. Only Buffett and his children knew. Buffett stated that he has no intention of selling any shares of Berkshire but will gradually donate them. (Global Market Report)