Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
Buffett, the 94-year-old architect and face of Berkshire Hathaway, announced that the gathering would be his last as head of the company he built from humble beginnings into one of the world’s most valuable enterprises. A few feet away, Greg Abel, the energy executive long seen as Omaha’s crown prince, wasn’t even aware his time had come.
Buffett will hand Abel the keys to a $1.2 trillion behemoth, commanding a portfolio of stocks such as Apple and American Express on top of a collection of insurance, energy, railroad and consumer businesses that regularly churn out $10 billion a quarter in operating profit. The 62-year-old will also inherit a plethora of questions, starting with what he’ll do with Berkshire’s almost $350 billion cash pile after Buffett largely sat out a volatile last few years in the markets.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.