Discover the latest updates from the $870 billion giant, Berkshire Hathaway, as succession plans were in the spotlight at the firm’s annual meeting in Omaha. Thousands of shareholders gathered to witness the future of the company.
Warren Buffett, the 93-year-old chairman, faced a barrage of questions from investors about the transition to Greg Abel, the appointed successor and current vice chairman. Abel, who has served Berkshire for 25 years, will take over as chief executive. Buffett highlighted Abel’s extensive responsibilities, mentioning that he’s already in charge of everything except insurance, echoing Buffett’s own keen judgment in business decisions.
For the first time, Buffett revealed his desire for Abel to oversee the company’s $335.9 billion investment portfolio as the chief executive. This decision marks a shift from the previous plan of assigning the role to investment managers Ted Weschler and Todd Combs.
During the meeting, Abel assured shareholders that Berkshire’s core principles will remain intact even after Warren’s era. He emphasized that the company’s culture will endure and not undergo any drastic changes.
As Berkshire Hathaway posted record first-quarter profits, Warren Buffett commemorated his long-time partner Charlie Munger, whose passing last November left a void in the company. This year’s meeting marks Buffett’s 60th since he took over Berkshire in 1965.
Stay updated with the latest news and insights from Berkshire Hathaway as the company continues to evolve under the leadership of Greg Abel. Witness the legacy of Warren Buffett as he paves the way for the future of one of the most influential companies in the world.