Succession plans on the $870 billion Berkshire Hathaway took middle stage on Saturday as hundreds of shareholders attended the agency’s annual assembly in Omaha.
Traders questioned 93-year-old Berkshire chairman Warren Buffett about what would change when Berkshire’s vice chairman Greg Abel, 61, who has been on the agency for 25 years, takes over as chief government after Buffett. Abel was appointed Buffett’s successor in 2021.
Buffett mentioned Abel is already “accountable for actually all the pieces besides insurance coverage” and has the “identical feeling” as Buffett in terms of “judging the attractiveness of companies and making capital selections and that form of factor.”
Associated: Warren Buffett’s Annual Letter Reveals the Secrets and Lessons Behind Berkshire Hathaway
Greg Abel, vice chairman of non-insurance operations at Berkshire Hathaway. Photographer: Daniel Acker/Bloomberg by way of Getty Photos
For the primary time, Buffett additionally indicated that he would need Abel to have management of the corporate’s $335.9 billion portfolio of investments as chief government when the time comes.
“I believe the duty should be solely with Greg,” Buffet said, stating that although he “used to suppose in another way about how the duty ought to be dealt with,” having “200 individuals round which can be managing a billion every simply does not work.”
The previous plan communicated by Buffett was that after Abel grew to become CEO, Berkshire funding managers Ted Weschler and Todd Combs would deal with investments. Combs is also the CEO of Geico.
Whereas addressing funding management on the assembly, Abel reassured shareholders that Berkshire’s investing rules “will proceed to outlive Warren.”
Associated: Warren Buffett’s Charitable Donations Break $51 Billion After Latest Offering
Berkshire’s tradition is “not going to alter,” Abel mentioned on the shareholder assembly.
Buffett has not said or indicated something about stepping apart. That is his 60th shareholder assembly since he took over Berkshire in 1965 and the primary since vice chairman Charlie Munger passed away in November at 99.
Buffett’s February annual letter was partially a tribute to Munger.
Berkshire’s first quarter results, launched earlier than the assembly, present that the corporate’s working income grew by 39% to a report $11.22 billion.
Succession plans on the $870 billion Berkshire Hathaway took middle stage on Saturday as hundreds of shareholders attended the agency’s annual assembly in Omaha.
Traders questioned 93-year-old Berkshire chairman Warren Buffett about what would change when Berkshire’s vice chairman Greg Abel, 61, who has been on the agency for 25 years, takes over as chief government after Buffett. Abel was appointed Buffett’s successor in 2021.
Buffett mentioned Abel is already “accountable for actually all the pieces besides insurance coverage” and has the “identical feeling” as Buffett in terms of “judging the attractiveness of companies and making capital selections and that form of factor.”
Associated: Warren Buffett’s Annual Letter Reveals the Secrets and Lessons Behind Berkshire Hathaway
Greg Abel, vice chairman of non-insurance operations at Berkshire Hathaway. Photographer: Daniel Acker/Bloomberg by way of Getty Photos
For the primary time, Buffett additionally indicated that he would need Abel to have management of the corporate’s $335.9 billion portfolio of investments as chief government when the time comes.
“I believe the duty should be solely with Greg,” Buffet said, stating that although he “used to suppose in another way about how the duty ought to be dealt with,” having “200 individuals round which can be managing a billion every simply does not work.”
The previous plan communicated by Buffett was that after Abel grew to become CEO, Berkshire funding managers Ted Weschler and Todd Combs would deal with investments. Combs is also the CEO of Geico.
Whereas addressing funding management on the assembly, Abel reassured shareholders that Berkshire’s investing rules “will proceed to outlive Warren.”
Associated: Warren Buffett’s Charitable Donations Break $51 Billion After Latest Offering
Berkshire’s tradition is “not going to alter,” Abel mentioned on the shareholder assembly.
Buffett has not said or indicated something about stepping apart. That is his 60th shareholder assembly since he took over Berkshire in 1965 and the primary since vice chairman Charlie Munger passed away in November at 99.
Buffett’s February annual letter was partially a tribute to Munger.
Berkshire’s first quarter results, launched earlier than the assembly, present that the corporate’s working income grew by 39% to a report $11.22 billion.