Warren Buffett, the renowned investor, has declared today that he will request that the Berkshire Hathaway board appoint Greg Abel as his successor as CEO at the conclusion of 2025.

Buffett stated at the conclusion of the company’s annual shareholder meeting, which took place prior to its board meeting on Sunday, that he believes the moment has come for Greg to assume the role of chief executive officer.

Simultaneously, Buffett, who is 94 years old, declared that he would “remain” in some capacity. Buffett and Abel informed CNBC that they intended to utilize Sunday’s board meeting to deliberate on Buffett’s statutory function following his retirement.

Buffett had previously designated Abel, who serves as Berkshire Hathaway’s vice chairman for non-insurance operations, as his successor; however, he had not specified the date on which Abel would assume the role.

Buffett and Berkshire Hathaway have made substantial investments in the technology sector, despite the fact that it is merely one of numerous sectors in which they invest.

Despite the fact that it sold half of its Apple stock last year, the company continues to account for over 20% of its portfolio.