2025-05-04 12:24
publication
2025-05-04 12:24
The 94-year-old billionaire and stock investor Warren Buffett during the General Meeting of Berkshire Hathaway announced that at the end of the year he would leave the position of general director of this company. Buffett announced that he would soon ask the board to appoint Greg Abel as his successor.
As CNBC writes, although Buffett is 94 years old, and Abel was appointed the successor of the general director in 2021, it was still a surprise for thousands of shareholders who gathered at the annual general meeting to hear the opinion of the legend of the investment about the future of the company once again.
“Tomorrow we have a meeting of the Berkshire Board and we have 11 directors. Two of the directors who are my children, Howe and Susie, know what I will talk about. The rest of them will be new to them, but I think it's time for Greg to become the general director of the company at the end of the year,” said Buffett.
In 1965, Buffett then bought a falling textile factory in New England and transformed the company for more than six decades into a unique conglomerate with business from Geico insurance after BNSF Railway. Buffett returns the reins at a good time, because Berkshire has just reached a new peak, giving the conglomerate market capitalization of almost $ 1.2 trillion.
“Oraci from Omaha” said that she would continue to help, but the last word on the company's activity and the distribution of capital would belong to 62-year-old Abela, currently vice president for non-insight operations in Berkshire.
“I think I could be helpful in some issues if we had periods of great opportunities or something like that,” he added.
Buffett, who is the largest shareholder of Berkshire and has over $ 160 billion in this company, stated that he would not sell a single share of the company after leaving the position of general director.
Greg Abel has a 25-year internship at Berkshire. Abel joined Berkshire in 2000, when Konglomerate bought Midamerican Energy, where he finally had CEO in 2008. Earlier Abel worked in Calenergy, where he transformed a small geothermal company into a diversified energy business.
Abel said that he would inherit a patient -based investment style from Buffeta and is ready to use the giant Berkshire cash fortress worth $ 347 billion as soon as a good opportunity arises.
“It is really an investment philosophy and the way Warren and the team have allocated capital for the last 60 years,” said Abel.
“It will not change. And this is the approach that we will use in the future,” he added.
Buffett and Abel said CNBC after the shareholders meeting that the couple would discuss at the Sunday meeting of the board what the formal role of Buffetta will be next year. Buffett is currently also the chairman of the conglomerate.
“I think they will accept it unanimously,” Buffett said on Sunday, referring to the board's decision on the general director. (PAP Biznes)
pr/
