In Berkshire Hathaway’s annual meeting Warren Buffett unintentionally revealed that Greg Abel will take the CEO position after he leaves the investment firm. Currently, Warren Buffett is the chairman and CEO of Berkshire Hathaway. Greg Abel is currently handling the investment unit as a Vice Chairman in Berkshire Hathaway. The firm is a world-known investment group having a valuation of $644 billion.
Will Greg Abel be the Next CEO of Berkshire Hathaway?
CNBC broadcasted the latest interview of Warren Buffett on Monday. The interview was taken during the annual meet of Berkshire Hathaway. Warren, the 90-year-old billionaire, is currently the chairman and CEO of one of the world’s largest investment firms.
Charlie Munger, the business partner of Buffett, casually asked about Berkshire Hathaway’s future after Buffett’s exit. He replied that Greg Abel will take over the investment firm after he leaves the firm.
“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.”
From humble beginnings, Buffett has helped the investment firm in crossing the $644 billion. His wealth also jumped to $100 billion recently. Berkshire Hathaway has a strong portfolio of investments. The firm invested in big companies like Apple, Duracell, Dairy Queen, and others.
Warren Buffett is not only a businessman but he is also a great philanthropist and a down-to-earth billionaire. He lives a very simple life. He owns a normal car for his journey. The 90-year-old business tycoon has donated most of his fortune. As per a report, his fortune would have touched the $200 billion marks if he did not participate in the charity at the extreme level. He is also one of the major donors in the Bill & Melinda Gates Foundation, run by Bill Gates and his ex-wife Melinda.
Why has Buffett Chosen Greg?
Talking about Buffett, Andy Kilpatrick said:
“He’s a brilliant fellow but he needs people around him who can take care of some needs. He doesn’t do household chores, he’s got no mechanical brain. He can barely even turn on a light switch.”
Andy who is a biographer of Buffett, revealed this in a conversation with the Guardian in 2006 after Buffett married his longtime partner, Astrid Menks.
In 2012 also, Buffett gave a hint to the media that the firm has already selected the future leader after his exit. He further added that the next CEO is already known to the company board. It was a sign that the coming CEO is from the investment firm itself.
Why did you choose Abel? Answering this question, Buffett said:
“He does a far better job of that than I was doing previously.” If Abel cannot do the job, he added, another vice-chairman, Ajit Jain, who oversees Berkshire’s retail and re-insurance businesses, would become CEO.”
Jim Shanahan, an analyst at investment firm Edward Jones also praised Abel’s leadership. He said:
“We have a great deal of comfort with Abel as CEO and with the overall future leadership of the company. I think he has proven to be a really effective leader.”
In a CNBC interview, Warren Buffett was also asked about the casino stock market. In reply to that question, he said:
“The gambling impulse is very strong in people worldwide and occasionally it gets an enormous shove and conditions lead to this place where more people are entering the casino than are leaving every day. And it creates its own reality for a while and nobody tells you when the clock’s going to strike 12 and it all turns to pumpkins and mice.”