Warren Buffett's successor Greg Abel publishes his first letter to Berkshire Hathaway shareholders
BNN Bloomberg
Warren Buffett’s successor released his first letter to Berkshire Hathaway shareholders on Saturday as the company took a US$4.5 billion write-down on the value of its Kraft Heinz and Occidental Petroleum stakes.
Greg Abel took over as CEO in January, so this is his chance to set the tone for his leadership. Investors are watching closely for any changes he might make, but Abel and Buffett have said there won’t be significant changes in the way Berkshire operates.
The letter opens with a tribute to Buffett and a promise to maintain Berkshire’s culture that’s based on trust and integrity and continue operating the same way that has worked so well for six decades.
“I am honoured by our board’s decision to appoint me CEO of Berkshire and humbled to succeed Warren as I write my first annual letter to you. Warren is obviously a very hard act to follow,” Abel said as he laid out his background and approach.
And Buffett remains chairman and the largest shareholder, so he’s still helping guide the Omaha, Nebraska-based conglomerate he built. But Abel is now writing the annual letters that were always known as one of the most-read business reports out there because so many investors admired and followed Buffett because of his remarkable track record and homespun wit and advice.
Abel announced a few changes to the lineup for the shareholder meeting in May. The first question-and-answer period will feature Abel alongside Berkshire’s Vice Chairman for insurance, Ajit Jain. Then a second panel will have Abel answering questions with BNSF CEO Katie Farmer and NetJets CEO Adam Johnson, who now helps oversee all of Berkshire’s consumer, service and retail businesses.
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