OMAHA, Neb. (KMTV) — Shareholders expected this announcement at some point, but were surprised that it happened at this annual event. We spoke to some of them shortly after the announcement downtown.
- Buffett, as expected, named Greg Abel to take over as CEO.
- "You’re seeing a titan of the industry stepping down."
- When asked about Buffett’s successor Greg Abel, these shareholders are excited to see what he will do.
BROADCAST TRANSCRIPT:
Buffett revealed his plan to step down from the top role — with thousands of shareholders and board members listening intently.
Buffett, as expected, named Greg Abel to take over as CEO. That will likely happen before year’s end. It does need board approval. Buffett told shareholders he expects that vote to be unanimous. Abel has already been managing all of Berkshire’s non-insurance businesses — Buffett named him successor in 2021. Confident in Abel’s leadership, Buffett told shareholders at the meeting he will not sell one share of Berkshire stock.
Shareholders expected this announcement at some point — but were surprised that it happened at this annual event. I spoke to some of them shortly after the announcement downtown.
“I mean, honestly, it was kind of a shock. I mean, he’s getting up there in age, and so I understand the time was coming,” said Chris Dulgarian, a shareholder from California.
“I think my first reaction was, thank God I’m here, because who knows if you would come next year given that he’s stepping down as the CEO,” said Shaunak Jindl, a shareholder from India.
“It’s just amazing. It’s also really kind of heartbreaking as well. You’re seeing a titan of the industry stepping down,” said Steven Nelson, a shareholder from Tennessee.
“Warren Buffett has put his life into this company — that’s why we all know him. And so, I think he’s stepping down because he knows he’s left the company in good hands,” said Ophera Davis, a shareholder from Virginia.
“It’s not a shock to me. He is 94 and he has done a commendable job over 65 years with Berkshire,” said Divyan Shu, a shareholder from India.
When asked about Buffett’s successor Greg Abel, these shareholders are excited to see what he will do.
“Well, I don’t know Greg as well of course as we all know Warren Buffett, but Buffett has mentored Greg,” said Davis.
“They wouldn’t put him in that position if he wasn’t meant to succeed, so I think it will be a great opportunity for him, and it will be exciting to see him take over for new leadership,” said Nelson.
“I mean, he’s been with the company over 25 years. He’s learned, you know, underneath one of the greatest investors of all time, so I think he’ll do just fine,” said Dulgarian.
“He’s super smart and he’s someone who I look up to as well. And more than anything, I think he has a lot of integrity and I think shareholders value that a lot,” said Jindl.
