Although it was announced about four years ago that Abel would succeed Buffett as CEO, no timeline was ever laid out. Hence, it came as a surprise to both board members and Abel himself, who was apparently unaware of the news prior to the meeting, when Buffett announced his retirement.
Legendary investor and head of Berkshire Hathaway Inc Warren Buffett announced his retirement as CEO of the conglomerate during the company's annual shareholder meeting on May 3, stepping aside for Greg Abel - the vice chairman of the firm's non-insurance operations - to take the helm.
The announcement saw prices of Class B Berkshire Hathaway shares slide on May 5 by 5.12% as of market close, trading at US$512.15 ($662.15).
