Warren Buffett steps down as CEO of Berkshire Hathaway (BRK), with Greg Abel taking over

According to a report by CNBC, "stock god" Warren Buffett will hand over the position of CEO of his investment flagship Berkshire Hathaway (BRK.A.US)(BRK.B.US) to Greg Abel starting from New Year's Day, ending his sixty-year tenure.

Buffett took over Berkshire, which was then a textile company, in the 1960s when its stock price was about $19. By the end of last year, the value of Class A shares exceeded $750,000. From the time Buffett took over the company in 1964 to 2024, the company achieved a 19.9% compound annual growth rate, nearly double the S&P 500 index's 10.4% during the same period. The stock rose about 10% last year.

Buffett previously stated that after stepping back, he would "keep quiet," implying a reduction in public exposure, although he will retain the position of chairman of Berkshire's board. Abel will be responsible for writing the company's annual shareholder letter, continuing the tradition established by Buffett since 1965, while Buffett will still continue to write the Thanksgiving message. Market attention is now turning to the approximately $300 billion stock investment portfolio, with some analysts expecting the company may eventually reduce its active stock-picking scale, especially considering the size and concentration of the portfolio