In a surprise announcement during Berkshire Hathaway’s BRK.A BRK.B annual meeting, chairman and CEO Warren Buffett said he plans to step down as CEO at the end of the year. Buffett is recommending to Berkshire’s board that Greg Abel assume the role of CEO. Buffett expects unanimous board approval. Questions remain whether Buffett will remain as chairman.
“I would still hang around and conceivably be useful in a few cases,” Buffett added—specifically when it comes to possibly making any large acquisitions.
This post originally appeared at Morningstar.