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Legendary investor Warren Buffett announced today that he will ask the Berkshire Hathaway board to have Greg Abel replace him as CEO at the end of 2025.<\/p>\n
\u201cI think the time has arrived where Greg should become the chief executive officer of the company at year end,\u201d Buffett said at the end of the company\u2019s annual shareholder<\/a> meeting, ahead of its board meeting Sunday.<\/p>\n At the same time, Buffett, who is 94 years old, said that he would \u201chang around\u201d in some capacity. He and Abel told CNBC that they would use Sunday\u2019s board meeting to discuss what Buffett\u2019s formal role will be after he steps down.<\/p>\n Buffett had previously identified Abel<\/a> \u2014 currently Berkshire Hathaway\u2019s vice chairman for non-insurance operations \u2014 as his successor, but he hadn\u2019t said when Abel would take over.<\/p>\n While technology is just one of many areas where Buffett and Berkshire Hathaway invest, it\u2019s made big bets on the industry. Even after selling half its Apple stock<\/a> last year, the company represents more than 20% of its portfolio<\/a>.<\/p>\n<\/div>\n