Warren Buffett to retain major Berkshire stake until investors gain confidence in successor
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Legendary investor Warren Buffett has confirmed that he will step down as Chief Executive Officer of Berkshire Hathaway at the end of this year, but clarified that he will retain a significant holding in the company’s “A” shares for the time being. The 95-year-old investing legend stated in his annual Thanksgiving letter to shareholders that he plans to hold on to his Class A shares until Berkshire investors become comfortable with his successor, Greg Abel, who is set to take over as CEO in January. “That level of confidence shouldn't take long,” Buffett wrote in the letter, adding, “My children are already 100% behind Greg, as are the Berkshire directors.” The Class A shares of Berkshire carry 10,000 times the voting rights of the more commonly held Class B shares. Buffett currently controls around 30% of the company’s total voting shares, making him the largest single shareholder. His decision to step down, originally announced in M...