"Buffett's letter, dated November 10, confirms that his longtime lieutenant, Greg Abel, will assume the role of CEO at year-end. But the most poignant shift is in Buffett's communication. For decades, his annual shareholder letters have been scripture for investors-a mix of folksy wisdom, financial acuity, and candor. Now, he says, that tradition is over. "I will no longer be writing Berkshire's annual report or talking endlessly at the annual meeting," Buffett wrote in the letter."
"This 'sort of' is classic Buffett misdirection. While he is stepping back from the grueling demands of running the $1 trillion conglomerate, he intends to keep a singular line of communication open. "I will continue talking to you and my children about Berkshire via my annual Thanksgiving message," he assured shareholders. "Berkshire's individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you.""
Warren Buffett, 95, will step down as Berkshire Hathaway CEO at year-end, with Greg Abel named as his successor. Buffett will stop writing the company’s annual shareholder report and cease lengthy remarks at annual meetings, signaling a pronounced reduction in public communications while retaining a single annual Thanksgiving message to shareholders and family. He is stepping back from the day-to-day demands of running the roughly $1 trillion conglomerate but intends to maintain a line of contact through that annual message. Buffett converted 1,800 Class A shares into 2.7 million Class B shares, roughly $1.35 billion, and donated them to four family foundations.
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