sunny.png
Friday May 7th, 2021 8:42PM

When Buffett is gone, Abel will take over at Berkshire

By The Associated Press
Related Articles
  Contact Editor

OMAHA, Neb. (AP) — Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO, according to a report.

Buffett confirmed the succession plan Monday to CNBC after Berkshire Vice Chairman Charlie Munger let slip the plan during during the company's annual meeting on Saturday. Buffett did not immediately respond Monday to questions from The Associated Press about the plan.

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 Ajit Jain would succeed Abel, who currently oversees all of Berkshire's non-insurance companies while Jain oversees Geico and all of Berkshire's other insurance units.

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, Howard Buffett, who already serves on Berkshire's board, is likely to become the company's next chairman.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Attention travelers! EU proposes reopening external borders
In announcement sure to be welcomed by travelers worldwide, the EU’s executive branch has proposed easing restrictions on visiting the 27-nation bloc as vaccination campaigns keep gathering speed
9:37AM ( 6 minutes ago )
Judges hear arguments over Census' contentious privacy tool
A panel of judges is hearing arguments over whether the U.S. Census Bureau can use a controversial statistical technique to keep people’s information private in the numbers used for drawing political districts
9:36AM ( 7 minutes ago )
When Buffett is gone, Abel will take over at Berkshire
Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO, according to a report
9:36AM ( 7 minutes ago )
Associated Press (AP)
Internet trailblazers Yahoo and AOL sold, again, for $5B
AOL and Yahoo are being sold again, this time to a private equity firm
8:59AM ( 45 minutes ago )
Impact of devastating Indian virus surge spreads to politics
As a catastrophic surge of the coronavirus sweeps through India, the leaders of 13 opposition parties are urging the government to launch a free vaccination drive and ensure an uninterrupted flow of oxygen to all hospitals
8:40AM ( 1 hour ago )
Restaurant survival hopes pick up as $28.6B in grants begin
Thousands of restaurants and bars decimated by COVID-19 have a better chance at survival as the government begins handing out $28.6 billion in grants _ money to help these businesses stay afloat while they wait for customers to return
8:37AM ( 1 hour ago )
AP Business
Russia, facing lags, turns to China to produce Sputnik shots
Russia is turning to multiple Chinese firms to manufacture the Sputnik V coronavirus vaccine in an effort to speed up production as demand soars
12:34AM ( 9 hours ago )
The Latest: Colo. governor extends statewide mask mandate
Colorado’s governor has extended a statewide mask mandate for another 30 days, but loosened face covering requirements for groups who are vaccinated against COVID-19
8:33PM ( 13 hours ago )
Wyoming backs coal with $1.2M threat to sue other states
Most states are encouraging renewable energy but a new program in Wyoming does the opposite
12:45PM ( 20 hours ago )
AP Business - Corporate News
The Latest: French high schools reopen, travel ban eased
France’s secondary and high schools have reopened and a ban on domestic travel has been lifted as part of the government’s plan to gradually reopen the country
6:10AM ( 3 hours ago )
Democrats seek narrow path to rein in cost of medicines
President Joe Biden’s call for authorizing Medicare to negotiate lower prescription drug prices has energized Democrats on a politically popular idea they’ve been pushing for nearly 20 years only to encounter frustration
5:49AM ( 3 hours ago )
World shares mixed after retreat on Wall Street
Shares have opened higher in Europe after a retreat in Asia, where some markets including those in Tokyo and Shanghai were closed for holidays
5:12AM ( 4 hours ago )
AP Business - Industries
Powell's high-stakes bet: More jobs but only mild inflation
With employers hiring, consumers spending and companies raising some prices, Federal Reserve Chair Jerome Powell is embarking on a high-stakes gamble
10:50AM ( 1 day ago )
Big Tech stocks flex muscles again after a rough winter
Big Tech stocks are flexing their enormous strength again, after getting knocked around a bit earlier this year
5:12PM ( 2 days ago )
Beijing warns fintech firms against anti-monopoly behavior
Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures
1:19AM ( 3 days ago )
AP Business - Financial Services
Attention travelers! EU proposes reopening external borders
In announcement sure to be welcomed by travelers worldwide, the EU’s executive branch has proposed easing restrictions on visiting the 27-nation bloc as vaccination campaigns keep gathering speed
9:37AM ( 6 minutes ago )
Judges hear arguments over Census' contentious privacy tool
A panel of judges is hearing arguments over whether the U.S. Census Bureau can use a controversial statistical technique to keep people’s information private in the numbers used for drawing political districts
9:36AM ( 7 minutes ago )
'Football City, USA' killings raise sport safety concerns
Any visitor to Rock Hill, South Carolina, soon learns its nickname, “Football City, USA.”
9:30AM ( 13 minutes ago )
Tornadoes cause damage in Mississippi; Tupelo hit at night
Multiple tornadoes have caused damage across Mississippi, but no injuries have been reported
9:26AM ( 17 minutes ago )
Iran set to feature in meeting of US's Blinken and UK's Raab
Issues related to Iran are set to feature in talks later Monday between U.S. Secretary of State Antony Blinken and his host in London, British Foreign Secretary Dominic Raab
9:24AM ( 19 minutes ago )