The end of an effectiveness in Omaha was announced on Saturday when Warren Buffett said he will ask the Berkshire Hathaway Board to make Greg Abel replace him as CEO at the end of the year.
Although Buffett is 94 years old and Abel was designated as the successor of the CEO in 2021, it was not a surprise for the thousands of admirent shareholders gathered for this year’s annual meeting to listen once that the legend of the investment Opine on the future of the company.
“Tomorrow, We’re Having A Board Meeting of Berkshire, and We have 11 Directors. Two of the Directors, Who Are My Children, Howie and Susie, Know of What i’m Going To Talk About There. The Rest of Them, This Willes To Go, But I Think I Think Hax Hash Hax Has Hax Hax Has Has Hax Has Dick Hax Has Dick Hax Has Hax Has Hax Has, Hax Has, Hax Has, Hax Has, Hax Ha.
In 1965, Buffett bought what was then a New England textile factory, and about six decades transformed the company into a unique conglomerate with businesses that go to BNSF Railway. Buffett is a delivery over their reins in a high note, since Berkshire’s shares have just achieved a new peak, giving the conglomerate a market capitalization of almost $ 1.2 billion.
The “Oracle of Omaha” said that “he will cling” to help, but the last word about the company’s operations and capital deployment would be with Abel, 62, currently the vice president or non -sure operations for Berkshire.
Warren Buffett and Greg Abel travel the annual shareholders meeting of Berkshire Hathaway in Omaha, Nebraska, on May 3, 2025.
David A. Grogen | CNBC
“It could be useful, I think, in that, in a certain aspect, if we find periods of great opportunity or something,” he added.
Buffett, who owns more than $ 160 billion in Berkshire as his largest shareholder, said he would like to sell a single action after he goes to this new phase.
“I WOULD ADD THIS, The Decision to Keep Every Share is an Economic Decision I Think The Prospects of Berkshire Will Be Better Under Greg’s Management Than Mine -Haedswered’s for Whore’s for Whore’s for Wherestions for That Happestions for Haedswered’s for Whore’s for Whore’s for Whore’s for Whore’s for Whore’s for Whore’s for whores and desire for whores for the age of whores.
Buffett sang Abel’s praises against some shareholders on Saturday, saying that his most practical management style is working better for the more than 60 Berkshire subsidiaries.
“It’s working much better than with me because, you know, I wanted to work as hard as he works,” Buffett said. “It could go out with yours because we have a basically good business, very good business.”
The Canadian executive, born in Edmonton, Alberta, has a 25 -year mandate in Berkshire in his credit. Abel joined Berkshire in 2000 when the conglomerate bought mid -American energy, where anyone became the CEO in 2008. Before that, Abel worked in Calenergy, where he transformed the small geothermal company into a diversified energy business.
When it comes to the capital allocation, Abel said he will carry out the value investment style for the Buffett patient and that he is ready to display the monstrous cash strength of $ 347 billion of Berkshire, a good opportunity is presented.
“It really is the investment philosophy and how Warren and the team have assigned capital during the last 60 years,” said Abel. “Actually, it won’t change. And it is the approach we will take as we advance.”
Buffett’s new role?
Buffett and Abel told Becky Quick of CNBC after the shareholders meeting that the couple would discuss at the Sunday Board meeting what Buffet’s role will formally be formally next year. Buffett is currently also president of the conglomerate.
“I think they will be unanimously in favor,” Buffett said about the decision of the Board’s pending CEO on Sunday.
Warren Buffett speaks during the annual shareholders meeting of Berkshire Hathaway in Omaha, Nebraska, on May 3, 2025.
CNBC
Therefore, it is not clear if Abel will also assume the role of the president. Buffett told the Wall Street Journal earlier this year that his son Howie Buffett would become non -executive president after his death to preserve the company’s culture. It is not clear if this movement will affect that decision.
“It surprises me, but it impresses me,” said Ron Olson, director of the Berkshire Board, after the shareholders meeting on Saturday. “I am very anxious to see Warren become the Charlie Muger for Greg Abel.”
After the announcement that Equaly Abel did not even know what was approaching, the meeting ended with a foot ovation for buffet.
The crowd reacts the duration of the annual shareholders meeting of Berkshire Hathaway in Omaha, Nebraska, on May 3, 2025.
CNBC
– With reports by Lisa Kailai Han and Fred Imbert
