Mr. Buffett’s plan, which he said had been known only to two of his children who sit on the company’s board, Howard and Susan Buffett, was greeted by a minute-long standing ovation by Berkshire shareholders Mr. Abel, 62, appeared surprised by his boss’s announcement. After the announcement, several board members attending Berkshire’s meeting hugged each other.
Though Mr. Buffett looked in good health, having led several hours of questions from investors on Saturday, changes to this year’s annual meeting — his 60th at Berkshire — reflected his advancing age. He used a cane, which he first mentioned in the company’s annual letter in February, and shortened the shareholder question session by several hours.
If the board approves the plan, it would signify the end of an era for one of the most successful companies in modern capitalist history, and one of its most famous investors. Mr. Buffett has amassed a Midas-like fortune by being a savvy stock picker, buying up companies and holding them for the long term.
Through that investing philosophy, he assembled a conglomerate that runs a huge insurance operation, a major railroad, dozens of consumer companies and oversees a vast stock portfolio.
Among Berkshire’s most notable holdings are names that many consumers recognize: the auto insurer Geico, the BNSF railroad, the power utility Berkshire Hathaway Energy, Dairy Queen, See’s Candies, Fruit of the Loom, the paint company Benjamin Moore and the private jet company NetJets. Together, those businesses helped Berkshire grow a cash hoard that now sits at nearly $348 billion, more than the stock market valuation of McDonald’s.
