US EditionCEO Greg Abel moves to assure Berkshire shareholders in a post-Buffett world, with record cash
Abel said Berkshire will keep its culture and capital discipline intact as it weighs acquisitions, buybacks and a $380.2 billion cash pile, Reuters reported.
- On Saturday, CEO Greg Abel led his first annual Berkshire Hathaway shareholder meeting at the CHI Health Center in Omaha, while Warren Buffett watched from the front row.
- Calling the leadership transition to Abel "100% successful," Buffett, 95, embraced his retirement by wearing a sweater instead of his usual suit and stated the new boss is "doing everything I did and then some."
- Reflecting on Berkshire's investment strategy, Buffett recalled turning over 10% of resources to Apple, which grew from roughly $35 billion to $185 billion before tax.
- Cook stood to receive cheers and applause from the crowd as Buffett invited outgoing CEO Tim Cook to take a bow, praising his leadership and Apple's $4.1 trillion valuation.
- Joking that letting Apple manage the investment was Berkshire's "preferred way of operating," Buffett quipped, "And I didn't have to do a damn thing," drawing chuckles from shareholders.
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53 Articles
Berkshire Without Buffett Hits All-Time Cash Reserves... New CEO Warns of Buying During Turmoil Berkshire Hathaway, which has entered a new era following the departure of legendary Wall Street investor Warren Buffett, has hit a record high in cash reserves this year. The company plans to leverage its massive cash reserves when market turmoil strikes.
While Buffett Watches, Successor Addresses Investors
In his first solo appearance before shareholders, Berkshire Hathaway's new chief executive made the case Saturday that the company can thrive without Warren Buffett at the helm even as it keeps his approach intact. Greg Abel told investors in Omaha that Berkshire's culture "wouldn't change," though he described shifts already...
Warren Buffett Praises Greg Abel's Leadership at Berkshire, Says 'He's Doing Everything I Did, And Doing
On Saturday Warren Buffett used Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) annual meeting stage to highlight the leadership handoff that executives described as a clean win, with the board's succession choice approved without dissent and Greg Abel already running the playbook.
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