Stock investor Warren Buffett revealed in a letter on Tuesday (21st) that Berkshire Hathaway has the “right CEO” to succeed him and the “right board of directors,” suggesting that his handover is imminent.
Buffett, known as the “Oracle” of Omaha, issued a rare letter to shareholders, insisting that more than 99% of his wealth will be donated to charity after his death and that Berkshire will continue to be managed by good CEOs .
“I’m 93 and feeling great, but I do realize that I’m in a playoff,” he said in the letter.
Buffett, the world’s fifth-richest man with a fortune of $120.5 billion, has run Berkshire Hathaway since 1965 and is gradually giving away nearly all of the wealth he has accumulated.
Berkshire said in regulatory filings that Buffett has donated approximately $866 million in Berkshire stock to four family charities.
The document stated that Buffett donated 1.5 million Berkshire B shares to the “Susan Thompson Buffett Foundation” named after his late first wife.
Buffett also donated an additional 900,000 B shares, which were equally distributed to the Sherwood Foundation (the Sherwood Foundation run by Buffett’s daughter Susan) and the Howard G. Buffett Foundation (the Howard G. Buffett Foundation run by Buffett’s son Howard). and the NoVo Foundation (the NoVo Foundation run by Buffett’s son Peter and his wife).
Since 2006, Buffett has donated nearly $52 billion in Berkshire stock to family charities and the Bill & Melinda Gates Foundation, which has received a total of more than $39 billion in stock.
About successor candidates
Buffett appointed Vice Chairman Greg Abel as his successor two years ago. At the company’s annual shareholder meeting in early May this year, CEO Buffett once again assured shareholders that he believed Abel was the right person. The two have similar investment philosophies, and Buffett pointed out that Abel is the “upgraded version” of himself.
Abel was born in Canada. After graduating from Albert University, he entered the workplace as an accountant. He served as the CEO of MidAmerican Energy Company (later renamed Berkshire Energy Company) from 2008 to 2018. In 2018, he became Berkshire’s vice president in charge of non-insurance business and became a member of Berkshire’s board of directors.
Buffett once again assured at the annual shareholder meeting in early May this year that he believed Abel was the right choice. Ron Olson, a long-time director of Berkshire Hathaway, said at the time that Abel and Buffett had the advantage of working closely together for many years. Therefore, the board of directors has full confidence in Abel. This culture of trust will be the most important key after Abel takes over. However, Olson said investors shouldn’t expect a change in Berkshire’s leadership anytime soon.
Berkshire Hathaway B shares (BRK.B-US) closed 0.09% lower at $361.00 per share on Tuesday, and their shares fell slightly 0.03% after the bell.
2023-11-21 22:36:29
#time #succession #approachingWarren #Buffett #Berkshire #Hathaway #CEO #replace #Anue #Juheng #Stock #Radar
