Warren Buffett Steps Down as CEO of Berkshire Hathaway
Warren Buffett announced his plan to step down as the CEO of Berkshire Hathaway at the end of the year, with Greg Abel as his successor. This decision followed the release of Berkshire's earnings report, showing a 14% decrease in first-quarter operating profit. Despite the news, Berkshire's stock only experienced a slight decline in premarket trading. Buffett's cash pile grew to $348 billion, with no immediate deployment plans due to lack of suitable opportunities. The transition signals a well-prepared succession plan within the company.