| |
Greg Abel is indeed the person chosen to "keep the culture" at Berkshire Hathaway after Warren Buffett
In a discussion about Berkshire Hathaway's future during the company's annual meeting Saturday, Charlie Munger said, "Greg will keep the culture."
As I noted in Saturday's newsletter, that sounded like an unintentional signal that Greg Abel, the vice chairman in charge of everything except the insurance operations and investments, had been designated to be the next CEO of Berkshire when Buffett eventually leaves the post.
This morning on "Squawk Box," CNBC's Becky Quick broke the news that "the impression was an accurate one."
Buffett tells Becky, "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning."
And, "If, heaven forbid, anything happened to Greg tonight, then it would be (Berkshire's insurance chief, Vice Chairman) Ajit (Jain)."
Abel is 59 and Jain is 69. Buffett said that was a factor in the board's thinking.
"They're both wonderful guys. The likelihood of someone having a 20-year runway though makes a real difference."
| |
 | |
 |  |
| |
It's not an enormous surprise, since Abel is already responsible for so much of the company's operations.
Buffett says "we've always at Berkshire had basically a unanimous agreement as to who should take over the next day. The world's paying more attention now."
| |
 | |
 |  |
 |  |  |  |  |
QUESTIONS OR COMMENTS
| | |
| |
Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don't forward questions or comments to Buffett himself.)
If you aren't already subscribed to this newsletter, you can sign up here.
-- Alex Crippen, Editor, Warren Buffett Watch
 |
|
| Unsubscribe | Manage Newsletters | Terms of Service | |
| Digital Products | Feedback | Privacy Policy | |
| © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. | |||
| 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 | |||
| Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. | |||
| Data also provided by THOMSON REUTERS | |||
 | |||
EmoticonEmoticon