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Key Takeaways
- Berkshire Hathaway's board said Monday it unanimously approved Warren Buffett's successor Greg Abel to take over as CEO at the end of the year.
- Buffett had announced at the firm's annual meeting Saturday that he plans to step down from the role at the end of 2025.
- Berkshire announced Buffett would remain chairman of the board.
- UBS analysts said they expect "little change" to the company's culture or strategy under Abel.
The board of Berkshire Hathaway (BRK.B and BRK.A), said on Monday that it unanimously approved Warren Buffett’s successor Greg Abel as CEO by the end the year.
Buffett, who is 94 years old, announced his intention to step down at Berkshire’s Annual Meeting on Saturday. He also recommended that the board approve Abel’s replacement. Berkshire confirmed that Buffett will continue to be the chairman of its board.
Berkshire's Class A and Class B shares were down close to 6% Monday morning. They were up 19% at the start of the day.
"While the timing was somewhat of a surprise, the ultimate transition to Abel was not," UBS analysts wrote Monday, adding that they "expect little change at BRK and the culture/strategy to remain unchanged under Abel."
