Berkshire Hathaway director Olson says Abel has the board's total confidence
Reuters
Published Apr 28, 2022 07:47PM ET
OMAHA, Neb. (Reuters) - One of Berkshire Hathaway (NYSE:BRKa)'s longest-serving directors on Thursday gave a full-throated endorsement to Greg Abel as designated successor to Warren Buffett when the billionaire steps down.
"He has the total confidence not only of Warren, but the board," Ronald Olson, a close confidante of Buffett and a Berkshire director since 1997, said at the Berkshire System Summit, hosted by the University of Nebraska at Omaha.
Abel, 59, had been the chief executive of what is now Berkshire Hathaway Energy, before being named a vice chairman overseeing Berkshire's non-insurance businesses in 2018.
Last May, Buffett, 91, said Abel was the board's choice to replace him as CEO when necessary. "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning," Buffett said a year ago.
Speaking ahead of Berkshire's annual meeting which kicks off Friday, Olson praised Abel's managerial skills, saying "he understands numbers better than anyone I've been around, he understands people better than anyone I've been around."
He also said Abel has built a close relationship with Berkshire's dozens of non-insurance subsidiaries, which also include businesses in the manufacturing, railroad, retail and other sectors.
"There is no question he's brought to bear a closer connection between the parent company and individual subsidiaries," Olson said.
Buffett and Vice Chairman Charlie Munger, 98, remain responsible for major capital allocation decisions, while Buffett handles the bulk of Berkshire's common stock investments. Another vice chairman, Ajit Jain, oversees insurance subsidiaries.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.