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succession planning $870 billion Berkshire Hathaway was in the spotlight Saturday as thousands of shareholders attended the company’s annual meeting in Omaha.
Investor asked a question What will change if Berkshire Chairman Warren Buffett, 93, is replaced as CEO by Berkshire Vice Chairman Greg Abel, 61, who has been with the company for 25 years. He talked about Noka.Mr. Abel has been appointed as Mr. Buffett’s successor. 2021.
buffett Mr. Abel is already “in charge of everything but insurance,” and said he has “the same sensibilities” as Mr. Buffett when it comes to “judging the attractiveness of businesses and making capital decisions and things like that.”
Related: Warren Buffett’s annual letter reveals secrets and lessons behind Berkshire Hathaway
Greg Abel, vice chairman of Berkshire Hathaway’s non-insurance business, said:Photographer: Daniel Acker/Bloomberg via Getty Images
Mr. Buffett also announced for the first time that he would like Mr. Abel to take control of the company. $335.9 billion Build investment portfolios as CEO when needed.
“I think the responsibility should be completely on Greg,” Buffet said. Saidsaid that he “used to think differently about how responsibility should be handled,” but that “having 200 people around you managing $1 billion each doesn’t work.”
of previous plan Buffett said Berkshire investment managers Ted Weschler and Todd Combs will be in charge of investments after Abel takes over as CEO.Combs is Also CEO of Geico.
Addressing investment management at the meeting, Abel reassured shareholders that Berkshire’s investment principles “will continue to be Warren.”
Related: Warren Buffett’s charitable giving exceeds $51 billion in latest donation
Berkshire’s culture “is not going to change,” Abel said at the shareholder meeting.
buffett I haven’t said that Or suggested something about stepping aside.this is his 60th place This is the first shareholders’ meeting held since Vice Chairman Charlie Munger, who took over Berkshire in 1965. died He turned 99 years old in November.
Part of Mr. Buffett’s annual letter in February was a tribute to Mr. Munger.
Berkshire’s First quarter resultsThe company’s operating profit rose 39% to a record $11.22 billion, according to documents released before the meeting.
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