For the millions of people who attend Berkshire Hathaway’s annual meeting on Saturday, cautious audiences will get some unexpected news: Who will be the company’s next CEO?
In response to questions about whether the company will eventually be too complex to handle, 97-year-old Berkshire Vice President Charlie Munger commented that, at the very least, it was not surprising.
“Greg will keep the culture,” said Manger, simply, explaining that the decentralized nature of the company will outlast both him and Warren Buffett.
But that was enough to hint at some Berkshire watchers who were skeptical about succession plans in the conglomerate, when 90-year-old chairman and CEO Buffett was no longer in custody. Signs that the top jobs will go to Vice President Greg Abel, who currently manages all non-insured jobs.
Impressions are correct, CNBC can confirm.
“The judges agreed that if anything happens to me tonight, Greg will take over tomorrow morning,”; Buffett said. He praised both Greg Abel and vice president Ajit Jain, who was in charge of all of Berkshire’s insurances.
Greg Abel at the Berkshire Hathaway Annual Meeting in Los Angeles, California May 1, 2021.
Gerard Miller | CNBC
The pair have both been seen in the top jobs since they were promoted to corporate vice president in 2018. “If heaven forbids anything from Greg tonight it would be an Ajit” buff. Fett adds age. It was a determining factor for the board, Abel, 59, and Shane, 69.
The question of who will take over after Buffett has been a source of speculation for more than 15 years, it has been speculated that Buffett’s successor is likely David Sokol, who is both MidAmerican. Energy, now called Berkshire Hathaway Energy and NetJets for Berkshire but Sokol left Berkshire in 2011 after it was revealed he held a $ 10 million stake in chemical company Lubrizol shortly before recommending Berkshire to buy the company.
From Buffett’s point of view, Munger simply recognizes what is a common practice for the committee. “We have been at Berkshire all along, there is a unanimous agreement on who should take office the next day.” Said. “The world pays more attention now”