This year’s Berkshire Hathaway meeting gave shareholders their best chance yet to hear from the man who will one day take over as CEO when Warren Buffett is gone. Buffett said for the first time Saturday that Greg Abel should also take responsibility for the company’s investments after he takes over, raising new questions about the succession plan.
Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha , Neb. Abel will succeed Warren Buffett as CEO one day. Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha , Neb. ahead of Saturday’s meeting. Abel is set to succeed Warren Buffett as CEO one day.
Abel does have a history of making multibillion-dollar deals when he was the head of Berkshire’s utility unit for a decade, including the acquisitions of, but he’s never been a stock picker. Weschler and Combs might be able to help Abel get the timing right and find opportunities in the stock market, but Buffett didn’t say that Saturday.
Abel definitely has the confidence of the CEOs at all of Berkshire’s many varied noninsurance businesses who report to him and ask his advice on any challenges they are facing. “He really expects us to know our business, understand the parameters, and to run our business on a day to day basis,” said Tim Baucom, CEO of flooring giant Shaw Industries. “So I feel like I have all the freedom of the world, but with freedom comes responsibility.”
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