Overview
- Warren Buffett says he will relinquish the CEO role at year-end, remain chairman of Berkshire Hathaway, and continue a yearly Thanksgiving message to shareholders.
- He gives a full public endorsement of designated successor Greg Abel, who is expected to assume the top job around the turn of the year.
- Buffett reports transferring 1,800 Class A shares—worth more than $1.3 billion—to four family foundations and says he is accelerating further philanthropic transfers.
- He tells investors the donations do not reflect a diminished view of Berkshire’s prospects, adding that America will come back and Berkshire will too.
- Recent filings show Berkshire has sold more stocks than it bought for 12 straight quarters, paused buybacks for five, and amassed record cash, while Buffett plans to retain a significant stake until shareholders develop similar confidence in Abel.