Buffett confirms CEO handover: Greg Abel will take over as chief executive of Berkshire Hathaway at the end of the year.
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Buffett said he’ll still “hang around” to help, especially during times of major opportunity, but Abel will have final authority over operations and capital decisions.
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Buffett is Berkshire’s largest shareholder with over $160 billion in stock, said he won’t sell any shares, calling the decision “economic” and expressing confidence that Berkshire will do “better under Greg’s management than mine.”
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Abel, 62, has been with Berkshire since 2000, originally through its acquisition of MidAmerican Energy. Buffett praised Abel’s “hands-on” approach, saying, “It’s working way better with Greg than with me.”
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Abel pledged to maintain Buffett’s longstanding value investing strategy, saying, “It really will not change,” and emphasized readiness to deploy the firm’s $347 billion in cash when the right opportunity arises.
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While Buffett is currently chairman, it’s not confirmed if Abel will take on that role. Buffett has previously said his son, Howie Buffett, would become nonexecutive chairman to help preserve Berkshire’s culture.
This article was written by Eamonn Sheridan at www.forexlive.com.
