If Warren Buffett is to be believed, his announcement after Saturday’s annual meeting of Berkshire Hathaway that he plans to step down as chief executive at the end of the year was news to all but a few close members of his family.
Neither non-family directors, nor the tens of thousands of shareholders assembled at the annual “Woodstock for capitalists” in his native Omaha had an inkling about the precise timing.
They probably should have done. His longtime business partner and acerbic sidekick at the Omaha meetings, Charlie Munger, died in 2023, aged 99. In February, in his most recent letter to shareholders, Buffett wrote: “At 94, it won’t be long before [chosen successor] Greg Abel replaces me as CEO.”
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