Overview
- Buffett said he will step down as CEO at year-end, with Greg Abel to take over in the new year, while he remains Berkshire’s chairman.
- He will stop writing the annual shareholder report and cede the annual meeting stage to Abel, but will continue an annual Thanksgiving message.
- Buffett converted 1,800 Class A shares into 2.7 million Class B shares and donated them to four family foundations in a gift exceeding $1.3 billion.
- He plans to accelerate giving of most of his roughly $149 billion Berkshire stake to his children’s foundations, citing their ages and estate administration considerations.
- To reassure investors during the handover, Buffett will keep a significant number of Class A shares; he also noted feeling generally well and highlighted Berkshire’s record $381.6 billion cash pile and long stretch of equity selling.