Investors shouldn't expect a change of leadership at the top of Berkshire Hathaway anytime soon, even though Chairman Warren Buffett is 92 and his partner...
OMAHA, Neb. — Investors shouldn’t expect a change of leadership at the top of Berkshire Hathaway anytime soon, even though Chairman Warren Buffett is 92 and his partner Charlie Munger is 99, one longtime board member said Thursday.
Ron Olson told a group of investors gathered ahead of Saturday’s annual meeting that after spending a lot of time with both legendary investors, he doesn’t think a transition to Greg Abel as CEO is imminent. Buffett has said Abel will one day take over Berkshire BRK.A BRK.B and Abel already oversees all of the conglomerate’s non-insurance businesses, but Buffett has no plans to retire.
The longevity of the two men who have led Berkshire for nearly six decades is always in the back of mind of the shareholders who will pack an Omaha arena to listen to Buffett and Munger spend hours answering questions. Many wonder how the company will fare once those two are no longer at the helm. Olson said Abel has had the advantage of spending many years working closely with Buffett and is steeped in Berkshire’s unusual culture of letting companies it owns largely run themselves. Olson said he thinks preserving that culture of trust will be the most important part of Abel’s job running the company.Berkshire has said for years that Buffett’s job as chairman, CEO and chief investment officer will be split into several parts when he is gone.
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