Greg Abel will make all investment decisions

Mega-investor Warren Buffett stated that his successor, Greg Abel, will have the final say on the company’s investment decisions. Berkshire Hathaway when the billionaire is no longer in charge. The statement was made during the company’s annual shareholder meeting in Omaha, Nebraska, this Saturday (4).

Buffett has stated that he intends to leave capital allocation in the hands of Greg, who answered shareholder questions alongside him. “And he understands business very well,” he told shareholders. “The sums have grown so much at Berkshire and we don’t want to try to have two people around who each generate billions. It just doesn’t work,” he added, ruling out a possible split of the role.

“We will see how the next administration plays the game at Berkshire, [mas] Luckily you won’t have to wait long for it. I feel good, but I know a little about the actuarial table,” she said, joking about life expectancy estimates in her country.

No age limit to command

Still on succession at the conglomerate, the “Oracle of Omaha” declared that “anyone who wants to retire at age 65 would be disqualified as a potential CEO of Berkshire”, dispelling any speculation that his replacement would only last a short time in the position.

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Abel, 61 years old, is Canadian and has held one of the vice-presidencies at Berkshire Hathaway since 2018. His name gained prominence in 2021, when the “Oracle of Omaha”, as Buffett is known, confirmed that Abel will be his successor as president of the holding company. There is still no set date for this transition to occur.

Absence of Murger and mention of successor

The absence of Buffett’s “right-hand man”, Charlie Munger – who passed away in October 2023 – was felt during the event. When finishing a comment on energy investments, the legendary investor said: “Of course, Charlie”, as he did waiting for his comment. The mention led to applause. Buffett actually wanted to give the floor to Abel, his successor.

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O InfoMoney provides special coverage of Berkshire Hathaway’s annual shareholder conference. Henrique Esteter, multiplatform coordinator, follows the event as a special envoy to Omaha, in the American state of Nebraska. At 6pm, he will follow the live broadcast of the highlights of the meeting.

The Berkshire meeting is different from most shareholder meetings held by other companies. On the one hand, the day is a showcase for the many companies in which Buffett has a stake – they set up booths at the CHI Health Center Arena in Omahain the state of Nebraska, where the event takes place.

On the other hand, participants have the real chance to ask Buffett questions directly – who will be joined on stage by Greg Abel, responsible for Berkshire’s non-insurance operations, and Ajit Jain, who specifically oversees the insurance business. The three can answer up to 60 questions during the meeting.