Fifth richest in the world, the 94 -year -old billionaire will leave the position of keeping the president of Berkshire Hathaway Berkshire Hathaway by the end of the year. The American investor Warren Buffett announced Saturday (03/05) who intends to leave the position of keeping the president of Hathaway, of which he is led for 60 years.
The fifth richest man in the world, with a fortune of the value of $ 168 billion, Buffett said that he will recommend to the board of directors that the current vice -president of the company, Greg Abel, occupies his place.
“Greg’s time has come to become executive president of the company at the end of the year,” said the billionaire in a meeting of shareholders in Berkshire Hathaway, which takes place in Omaha, Nebraska.
Greg Abel has already managed most of the Berkshire affairs, but investors and markets have always thought that he would take the presidency only after Buffett’s death, now 94. Buffett had said for years that he had no intention of retiring.
Buffett announced the decision at the end of a window of questions and answers to five hours on the commercial activity of the group. “I am not going to – Zero- to sell a Berkshire hathaway action. In the end I will give,” Buffett said.
“The decision to maintain all actions is a decision on the economic and financial foundation because I think that the prospects of Berkshire will be better under the management of Greg compared to mine,” he continued.
Thousands of investors at the Omaha meeting applauded Buffett after his announcement.
The only members of the Council who initially knew their intention, said the businessman, were his two children, Howard and Susie Buffett. Even Greg Abel, who was sitting next to Buffett on stage, had not been warned. “I will still be around and I will be useful in some cases, but the last word will be given by Greg in any topic. Greg did not know so far. It will be the CEO and the point.”
The meeting of Berkshire Hathaway shareholders attracts around 40,000 people every year to listen to Buffett. At the beginning of March, Buffett had 14.4% of Berkshire and had 30.4% of the voting shares in the company.
JPS (Lusa, Ots)
Source: Terra
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