Warren Buffett announced his retirement as CEO of Berkshire Hathaway at the age of 94. The investor, who acquired the company in 1965, will propose Canadian Greg Abel as its new CEO.
In his recent public reappearance, Buffett announced his retirement to make way for a new CEO who will take over later this year, assuring that he will remain present “and could be helpful in some cases.”
The entrepreneur clarified that he will not sell a single Berkshire Hathaway share for financial reasons, as he believes the company’s prospects “will be better under Greg’s management than under mine.”
Buffett’s decision was announced during Berkshire’s annual dinner, attended by some 40,000 people. The gathering was an opportunity to issue a warning to President Donald Trump: “Trade cannot be an act of war, and I think it has led to bad things. We should seek trade with the rest of the world; we should do what we do best, and they should do what they do best.”
Among other comments related to the current financial landscape, Buffett asserted that “soon his company will re-enter the financial market because opportunities will open up for which we will be happy to have the cash.”
M.Pino
Source: ambito
(Reference image: Sean Pollock on Unsplash)
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