The Board of Berkshire Hathaway called Greg Abel as the position of president and director of the Supreme Conglomerate, shortly after the outgoing CEO and the famous investor Warren Buffett announced their intention to retire at the end of the year.
Abel, who is currently the vice -chairman, will start his new role next year. Buffett will remain as chairman after passing, the company said on Monday.
“I think that the time has come when Greg should become the company's chief director at the end of the year,” said 94 -year -old Buffett at the annual Berkshire meeting in Omaha, neb., On Saturday.
Buffett's decision to reduce limits the unusual 60-year run in which he transformed Berkshire from a falling textile company into a huge conglomerate with companies throughout the US economy.
The company that owns the railways, insurance companies and ice cream manufacturer has been planning an eventuality for decades when Buffett, which has been running the company since 1965, is gone.
Despite this, the time of its announcement was a surprise, because the “Oraci Oraci” did not signal a clear intention when to move to the side.
He said that Abel was not aware of his plans before being announced. Buffett also said that he had “zero” intention to sell any of his shares in Berkshire.
Berkshire shareholders said that it remains unclear how 189 activities of the company, $ 264 billion in shares and $ 348 billion in cash will manage after a man leaves the stage with him.
Buffetta's exit from the company “Probably affect the view of investors on Berkshire more than actual operations,” said Shields.
Berkshire Hathaway shares fell by 2.8 percent before the bell on Monday.