Warren Buffett, one of the most emblematic figures in global finances, has announced plans to resign as executive director of Berkshire Hathaway by the end of the year, marking the end of an era for the conglomeration of $ 1.1 has led by five.
Speaking at the Annual Berkshire shareholders meeting in OMAHA on Saturday, the 94 -year -old investor confirmed that Hey asks the Board to approve Gregory Gregory Abel Successor, delivering the operational leadership of the company that tries a text in the capitalist history.
“Greg will have the last word about operations, investments and more,” Buffett told TENS of thousands of shareholders, adding that, although he will continue to be president, he hopes to play a more limited advice role in the future.
Buffett, who retains a 14% participation in Berkshire for an approximate value of $ 164 billion, said the plan had only been known by two or their children, Howard and Susan Buffett, until Saturday’s meeting. The announcement was with an ovation standing, and Abel, 62, seemed visible surprised.
After the death of Buffett, the Presidency will pass to Howard Buffett, completing a carefully managed succession plan that has been in process.
Buffett or Berkshire Hathaway leadership transformed the company into railway insurance, railroads, public services and iconic brands of iconic consumption. His holdings include Geico, BNSF Railway, Dairy Queen, See’s Candies, Fruit of the Loom, Benjamin Moore and Netjets, along with a portfolio of actions with great bets in colleagues such as Apple and Coca-Cola.
Abel, a Canadian executive and current vice president or non -insurance operations, joined Berkshire when the firm acquired its energy business in 2000. Since then, Berkshire Hathaway Energy has built in one of the greatest powers of the must in the United States and has most of the United States and has the majority in the success of ushilities.
“Greg is ready,” said Berkshire Board member, Ronald L. Olson, who also renounces. “Warren will continue to be a sound board, as was Charlie Muger.”
Muger, the legendary business partner of Buffett, died in 2023.
Despite Buffett’s good health and humor, he sent hours of questions at the meeting, this year’s event was shortened and marked by a notable change in the tone. Buffett used a cane and showed signs of deceleration, reflecting the growing urgency around succession planning.
The moment comes in the middle of a more volatile business environment. The operational revenues of the first quarter of Berkshire fell 14% to $ 9.6 billion, and the net income was submerged in 64%, largely driven by paper investment losses and Waker’s performance in many of his businesses, including insurance, which was hit by California Wildfire Wildfire.
Trump’s return to the White House and radical commercial tariffs also went to the front and the center. Buffett warned that new policies were feeding global uncertainty and could affect supply chains, demand and operating costs for Berkshire businesses.
“Trade should not be a weapon,” said Buffett. “It’s not right and it’s not wise.”
Buffet did not explain the future roles of Todd Combs and Ted Weschler, the two investment administrators that he brought more than a decade ago. Combs now also serves as CEO or geico, suggestion of its role can evolve even more in the era after Buffett.
Berkshire’s record cash battery increased to $ 347.7 billion, which reflects the precaution and difficulty of Buffett to find the acquisition cover enough to significantly move the needle for the conglomeration gear. Although he made fun of a possible investment of $ 10 billion, he refused to share details.
Berkshire was a single seller of shares in the quarter, downloading $ 4.68 billion in capital compared to $ 3.18 billion in purchases.
The prominent commercial figures attended by the shareholders meeting included Bill Gates, Tim Cook, William Ackman and Hillary Clinton, with some, such as Priscilla Chan, attending for the first time.
While Buffett prepares to pass the torch, his departure from CEO Hole will conclude one of the most legendary leadership holdings in corporate history. With Abel to the helm, investors and observers will closely observe the closure to see if the next chapter of Berkshire can live up to the extraordinary legacy that Buffett leaves behind.
Paul Jones
Harvard Alumni and former New York Times journalist. Business Matters editor for about 15 years, the largest commercial magazine of the UKs. I am also head of the Automotive Capital Division Business Media who works for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.
