Warren Buffett Steps Down: The Oracle’s Exit and the Future of Berkshire Hathaway

Warren Buffett announced he will step down as CEO of Berkshire Hathaway, handing the reins to Vice Chairman Greg Abel. The transition marks the end of an era, with Buffett continuing as chairman. Investors remain uncertain about the company's future, though Abel's competence provides some reassurance.

In a seismic shift for the financial world, Warren Buffett, the storied 'Oracle of Omaha,' has announced his decision to step down as CEO of Berkshire Hathaway, a conglomerate valued at $1.16 trillion.

Effective next year, Greg Abel, currently the company's Vice Chairman, will assume the roles of president and CEO, as confirmed by a unanimous board decision. Buffett, who has helmed the company since 1965, will continue to serve as chairman.

The unexpected announcement, made at Berkshire's annual shareholder meeting in Omaha, raises questions about the future trajectory of the firm, known for its wide-ranging holdings, as a new era begins without Buffett at the operational helm.

(With inputs from agencies.)