After more than six decades transforming Berkshire Hathawayfrom a struggling textile business into a massive conglomerate with a marketvalue exceeding $1 trillion, Warren Buffett says he is finally ready to drawthe curtain as the company’s chief executive officer (CEO). “I will no longer be writing Berkshire’s annual report ortalking endlessly at the annual meeting. As the British would say, I’m ‘goingquiet’,” Buffet told shareholders in his annual CEO message as penned onMonday. The billionaire businessman said he would hand over to GregAbel, CEO of Berkshire Hathaway Energy, and vice-chairman of the firm’snon-insurance operations, at the end of the year. He expressed confidence in Abel’s capacity to leadBerkshire’s prospects. “I can’t think of a CEO, a management consultant, anacademic, a member of government – you name it – that I would select over Gregto handle your savings and mine,” Buffet said. Once the richest person in the world, the 95-year-old’s networth is estimated at $148.2 billion. Forbes ranks him as the 10th richestperson in the world today. Buffett is regarded as one of the greatest investors oftoday. Born to a US congressman, he reportedly bought his first stock at age 11and filed taxes at 13. According to international media, some of his Berkshirestake has now been converted to 1,800 A shares, worth a combined $1.35 billion,and distributed among four of his family’s foundations. In his letter, the billionaire said he was grateful andsurprised by his luck to be alive at 95. Known as the ‘Oracle of Omaha’, he reflected on his Nebraskaroots, his long business journey, and the lessons he has carried along the way. “Remember Alfred Nobel, later of Nobel Prize fame, who –reportedly – read his own obituary that was mistakenly printed when his brotherdied and a newspaper got mixed up. He was horrified at what he read andrealized he should change his behavior,” Buffet said. “Don’t count on a newsroom mix-up: Decide what you wouldlike your obituary to say and live the life to deserve it.” Berkshire Hathaway owns dozens of companies, includingGeico, an insurer; Duracell, a battery maker; and Dairy Queen, a restaurantchain. Although Buffet is retiring as CEO, he will remain chairmanof the textile company.
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