How Will Berkshire Equities Be Run Without Warren Buffett?
Buffett’s exit renews attention on his missed Google investment, a decision he later said came after recognizing the company’s moat through GEICO.
- Last week, Warren Buffett stepped down as chairman of Berkshire Hathaway, concluding a 60-year tenure leading the conglomerate. His son, Howard Buffett, succeeds him as non-executive chair of the $1.5 trillion company.
- The succession plan has been in the works since 2000, when Warren told the Wall Street Journal that Howard would eventually succeed him to maintain Berkshire's culture. Howard has served on the board for 33 years.
- Greg Abel, who became CEO in January last year, "runs the company," Warren said. Howard will guard the firm's structure and values while Abel handles acquisitions and investments.
- Berkshire shares fell about 0.1 per cent following the announcement, reflecting a stable market response to the transition. Warren wrote that the apprenticeship period for his successors was longer than the one he served at age 34.
- Reflecting on his career, Warren cited his failure to invest early in Google as a primary mistake. He recognized the company's potential when GEICO paid roughly $10 per click but admitted he "sucked his thumb" instead of acting.
18 Articles
18 Articles
RealClearMarkets
BizTocHow Will Berkshire Equities Be Run Without Warren Buffett?
Warren Buffett’s move to step down Friday as Berkshire Hathaway’s chairman ends an extraordinary run that began when he took control of a struggling textile company in 1965 and turned it i
Sydney Morning Herald
Warren Buffett just took a big risk with the $1.5 trillion giant he built
Last week, Berkshire Hathaway announced that Warren Buffett’s son, Howard, would replace him as chairman of the sprawling conglomerate. There was no outcry. At face value, Howard, 71, has no obvious qualifications to be appointed chairman of a venerated $US1.08 trillion ($1.5 trillion) company, other than that he is the founder’s son.
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