Many investors worry about the future of Berkshire Hathaway after its legendary CEO Warren Buffett is gone, but most of the conglomerate's companies have already made the transition to reporting to the man who will eventually replace the 92-year-old.
Buffett himself and executives at Berkshire Hathaway companies like See's Candy and Dairy Queen say they don't have any qualms about Vice Chairman Greg Abel's ability to lead the conglomerate. Abel already oversees all of Berkshire's noninsurance businesses. So the main parts of the CEO job he's not already doing are overseeing the insurance side of the company and deciding how to invest Berkshire's nearly $131 billion in cash.
Buffett confirmed that Abel will eventually take over for him two years ago after his partner Charlie Munger let it slip at that year's annual meeting although Buffett has no plans to retire. To underscore how long Buffett has been thinking about this, Berkshire showed video clips Saturday of Buffett getting questions about his successor for at least the last 29 years. It probably came up before then too, but Berkshire doesn't have video of the meeting before 1994.
“Greg is a very quick study. He understands the businesses quickly and he's going to challenge us, as you would expect any really good manager to do,” he said.
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