“The time has come for Greg (Abel, a designated successor of the billionaire, editor’s note) to become director general of the company at the end of the year,” assured the one nicknamed “the Oracle of Omaha” at the General Assembly of Berkshire Hathaway.
Today vice-president of the group, Greg Abel, 62, was appointed in 2021 to take over from Warren Buffett.
On Sunday, the board of directors of Berkshire Hathaway “will be able to ask me questions” on this decision, assured Mr. Buffett. His members “will digest” the announcement and will be “unanimous in favor of this decision,” he anticipated. The advice of the board of directors will be formally rendered “in a few months”, according to Warren Buffett.
The investor indicated that even if he transmitted the reins to Greg Abel, who would have “the last word”, he “would remain around” and “could be useful in some cases”, without specifying what his role would consist.
Huge conglomerate
This announcement, which took place at the end of the general assembly of Berkshire Hathaway, caused a torrent of applause of the shareholders present on the spot in Omaha, in Nebraska (center).
Berkshire Hathaway, an old textile SMEs, has become over the years a gigantic conglomerate under the leadership of Mr. Buffett. The group is now worth more than $ 1,000 billion.
He now has the Insurer Geico today, the Burlington Northern Santa Fe (BNSF) railway company, the ready-to-wear brand Fruit of the Loom or the Duracell batteries. Berkshire Hathaway also has important participations in several big names like Coca-Cola.
