The billionaire Warren Buffett will continue to be president of Berkshire Hathaway when Vice President Greg Abel takes care of CEO to begin 2026.
The Board of Directors of the Cash rich conglomerate voted on Sunday to keep the legendary 94 -year -old investor as head of the Board, a decision that will probably relieve investors concerned with the remarkable winning streak of Berkshire, since US and global economies feel harassed by tariff clashes, financial turma and a growing risk of recession.
The Board at the same meeting also approved the chosen successor of Buffett as CEO, veteran executive of Berkshire Greg Abel62. In a surprise announcement on Saturday, Buffett said he would lower From that first place for the end of the year.
Berkshire’s actions fell more than 2% before the opening bell on Monday.
In six decades to the helm, Buffett converted a Massachusetts textile company into an extensive but agile conglomerate that has everything from the queen’s daily and See to BNSF Ferrokway and giant insurers. As the company grew, Warren’s reputation grew with her as Berkshire Hathaway actions rose constantly, exceeding the main indices of broad margins and returning an average of 19.9% each year versus 10.4% for the standard AND Poor’s 500.
The decision to continue with the wise of Omaha as head of the Board came amid speculation that Howard Buffett, the second born of the three children of the investor, would move to that place. The biggest buffet has said that after dying, he would like Howard to assume the position of president.
A current vice president, Abel, will assume the position of CEO as great questions about the company. Buffett himself said President Donald Trump’s rates were a big mistake. There are also concerns that Berkshire cannot avoid the fate of most conglomerates, forced to break to recover the focus.
Then there are $ 348 billion of Berkshire in cash.
Buffett says he does not see many bargains to invest that money now, not even Berkshire’s shares, but assured some of the 40,000 estimated attendees of the annual weekend meeting of the company’s celebration in Omaha, Nebraska, that one day the company would be “bombarded with opportunities.”
Abel, a discreet Canadian with a loving hockey, has supervised many of Berkshire’s business for years, but has not been deciding where to invest the company’s cash.
Buffett said his confidence in Abel can see where he is putting his money.
“I have no intention, zero, to sell a part of Berkshire Hathaway. Eventually I will give it away,” Buffet said. “The decision to maintain each part is an economic decision because I believe that Berkshire’s perspectives will be better under Greg’s management than mine.”
What to do with that personal fortune, almost $ 170 billion, will eventually be in the hands of Buffett’s three children, including the possible president of Berkshire, Howard Buffet.
Howard was appointed in June along with his brothers as Buffett’s trust manager when he dies and said they will decide where donate That money. Buffett has already given bills, the most notable More than $ 40 billion To the Gates Foundation initiated by Bill and Melinda French Gates.
Howard, 70, has its own base through which it has donated billions to causes of humanitarian and food security, including the help of coffee farms in El Salvador and Cleaning of land mines in Ukraine.
The tributes to Buffett fell over the weekend by praising their knowledge of the investment and their folk management style.
“There have never been someone like Warren, and innumerable people, including myself, has been inspired by their wisdom,” published the CEO of Apple, Tim Cook, in X. “He has been one of the great privileges of my life to meet him.”
JP Morgan’s CEO, Jamie Dimon, said Buffett represented “all the good of US capitalism and the United States itself,” and praised his “integrity, optimism and common sense.”
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The business writer AP Bernard Condon is in New York City. AP business writer Michelle Chapman contributed to this report of New York City.
