Warren Buffett announces that he will step down as CEO of Berkshire Hathaway, says he wants Greg Abel as a replacement

investor Warren Buffett He said thousands of Berkshire Hathaway shareholders on Saturday that he planned to step down as CEO.

Buffett, who has headed Berkshire Hathaway for 60 years, said he would resign at the end of the year. He had previously said that he did not want to retire because he liked to find out where he should invest too much money from Berkshire, and that he planned to continue working until he dies or is out of operation.

Buffett said that he would recommend Berkshire Hathaway's board member that Greg Abel Should be CEO at the end of the year.

“I think the time is time when Greg should become the company's managing director at the end of the year,” said Buffett. “I would like to take this effectively on the directors and then get it as my recommendation … I think you will be unanimous.”

The 94-year-old stays in good health, even though he uses a stick. Buffett announced the news at the end of a five-hour question and answer time and asked no questions.

He said the only board members who knew this were his two children Howard and Susie Buffett. Abel, who was sitting on the stage next to Buffett, had no warning.

Abel came out about an hour later to monitor the formal business with Berkshire without a buffet, and he addressed the announcement.

“I just want to say that I could not be humble and honored to be part of Berkshire when we go forward,” said Abel.

Abel has been from Buffett's successor to Buffett for years and has already headed all non -Insurance companies from Berkshire. But it was always assumed that he would only take over after Buffett's death.

Buffett also said he would not sell berkshire Hathaway stocks.

“I will not, I have no intention, zero of selling a share of Berkshire Hathaway, it is gradually being given away,” he said. “The decision to keep every share is an economic decision because I think that the prospects of Berkshire will be better on the move than mine.”

Buffett warned Trump's tariffs

The announcement came when he warned that the United States should not use “trade as a weapon” and upset the rest of the world, as President Trump did with his Customs that broke through the global markets.

“In my view, it is a big mistake if you have 7.5 billion people who don't like them very well, and they have 300 million who crowed as they did,” said Buffett, 94 when he addressed the topic on everyone's mouth at the beginning of the shareholders.

While Buffett said it was best that the trade between the countries is balanced, but he doesn't believe that Mr. Trump is right with his power widespread tariff. He said the world would be safer if more countries are wealthy.

“We should try to act with the rest of the world. We should do what we do best and you should do what you can do best,” he said.

America has undergone Equality for all revolutionary changes that were only fulfilled years later, said Buffett. But nothing that is going on today has changed its long -term optimism in the country.

“If I were born today, I would just keep negotiating in the womb until they said: 'You could be in the United States,” said Buffett.

The tariffs were the top theme, according to which the shareholders asked the CNBC reporter in advance, the Buffett and his two best managers asked grill all day. But the investors will also look for him to explain why he is sitting in cash in Berkshire with $ 347.7 billion.

Buffett said he just doesn't see many attractive investments that he understands these days, but he predicted that one day Berkshire “is bombarded with possibilities that we will be happy that we will have the money”.

The meeting attracts around 40,000 people, including prominent and well -known investors. Hillary Rodham Clinton was present this year. Clinton was the last candidate Buffett has withdrawn publiclyBefore you withdraw from politics and other controversial topics, out of fear of injuring Berkshires business.

The participant Haibo Liu traveled from China and camped outside the arena overnight to be in first place on Saturday morning.

“He helped me a lot,” said Liu. “I really want to thank you.”

Liu said he fears that this year the last meeting could be for Buffett, so he made it a priority to take part.