When Buffett Is Gone, Abel Will Take Over At Berkshire
Buffett confirmed the succession plan Monday to CNBC after Berkshire Vice Chairman
The 90-year-old Buffett told CNBC that if anything happened to him, Abel would be the one to take the top post. He also said that Vice Chairman
During an exchange at the annual meeting about the importance of protecting Berkshire's culture in the future Buffett said Berkshire's extremely decentralized operating model won't work unless the company has the right culture.
Munger responded: “But we do, and Greg will keep the culture.”
Buffett has said he has no plans to retire.
Berkshire has long planned to split Buffett's job into three parts when he is gone: a CEO to oversee capital allocation and Berkshire's operations, investment managers to handle Berkshire's stock portfolio and a separate board chairman.
In the past, Buffett has declined to name the next CEO except to say that one of Berkshire's managers would take the job, but Abel was seen as a likely candidate.
Buffett has named two investment managers who already help manage the portfolio and said that his oldest son,
Edward Jones analyst
“We have a great deal of comfort with Abel as CEO and with the overall future leadership of the company. I think he has proven to be a really effective leader,” said Shanahan, who pointed out that Abel handled questions about Berkshire's efforts to respond to climate change well at the annual meeting.
Abel, 58, came to the meeting prepared with presentation slides and lots of background information about what Berkshire's utilities and BNSF have done to reduce carbon dioxide emissions. It's a subject he knows well because the Canadian executive led Berkshire's utility division for more than a decade before he became a vice chairman, and he remains based on
“I wanted to get his insight into what he was seeing in the economy and at the other businesses. He’s seeing a large part of the economy just like Warren always has,” Weber said. Abel encouraged Weber to focus on Brooks' customers during the pandemic, which helped lead the company to shift to online sales and set sales records because people kept running even with the coronavirus restrictions.
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