Warren Buffett Steps Down as Chairman of Berkshire Hathaway
Warren Buffett announced his resignation as chairman of Berkshire Hathaway (NYSE: BRKA, BRKB) on September 18, 2023, nine months after stepping down as CEO. Under Buffett’s leadership from 1965 to 2022, Berkshire achieved a staggering 6,099,294% return, turning a $1,000 investment into $61 million by the end of last year.
His successor, Greg Abel, faces the challenge of managing a $1 trillion company, where replicating Buffett’s average 19.7% annual returns is deemed nearly impossible. Since Abel’s takeover, Berkshire has made significant changes, including divesting from major companies like Amazon and Visa, while holding a considerable cash reserve of $365.6 billion as of June 2023.
Despite Berkshire’s recent underperformance—lagging the S&P 500 by over 240% in the last decade—analysts suggest that investors could still see positive returns ahead, forecasting a potential 10% annual return over the next seven years.
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