Berkshire Hathaway shares slipped almost 5 per cent on Monday, providing the first stock market reaction to news that Warren Buffett will step down as chief executive of the conglomerate after six decades.
Berkshire’s board of directors voted unanimously on Sunday to appoint current vice-chair Greg Abel to the top job, effective January 1 next year, with Buffett remaining chair, according to a statement shortly before the market opened on Monday.
The board meeting was held a day after 94-year-old Buffett told shareholders at the group’s historic 60th annual meeting at the weekend that he would hand over the reins to Abel.
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