Warren Buffett's successor Greg Abel seen preserving Berkshire's culture
), he is expected to preserve the culture at the behemoth even if he does not match the star power of his legendary boss.
Even though Buffett has shown no signs of wanting to step aside, investor focus on Berkshire's future came to the fore again after Charlie Munger, Buffett's long-time friend and business partner, died in November at age 99. At Berkshire's annual shareholder meeting in Omaha on Saturday, investors questioned Buffett and Abel about succession.
"We got the same feeling in terms of judging the attractiveness of businesses and making capital decision and that sort of thing," Buffett said."Greg understands the culture and he will honour that," said Olson ahead of the meeting. "Greg doesn't think of himself as Warren Buffett, but I have no doubt seeing Greg running the same way."Gregory Edward Abel was born in Edmonton, Alberta, on June 1, 1962, to a working-class family.
Some executives who work with Abel say he scrutinises financial metrics such as inventory levels, cash flows, capital expenditure and earnings before interest, taxes, depreciation and amortization. "We haven't had a history of being very tough on people that coasted and we've had some that would do that," Buffett said. "Greg will do something about it and Charlie and I wouldn't have."According to Berkshire’s succession plan, Abel will replace Buffett in making all major investment and capital allocation decisions. Vice Chairman Ajit Jain, who joined Berkshire in 1986, according to Berkshire’s website, will oversee insurance operations.
The transition “has already begun because Warren, five years ago, shifted these responsibilities onto Greg and Ajit directly,” said Adam Mead, the CEO of Mead Capital and author of “The Complete History of Berkshire Hathaway.”
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