Berkshire Hathaway Inc shareholders face a question that Warren Buffett sought to tackle at the company's annual meeting: How will Berkshire fare when he's no longer around?
Berkshire Hathaway CEO Warren Buffett rides on a golf cart through the exhibition hall as investors and guests arrive for the first in-person annual meeting since 2019 of Berkshire Hathaway Inc in Omaha, Nebraska, U.S. April 29, 2022.
Berkshire, whose dozens of businesses include the BNSF railroad, Geico car insurance, and many energy, manufacturing and retailing companies, has a succession plan in place.Greg Abel, 59, a vice chairman overseeing non-insurance operations, would replace Buffett as chief executive when the need arose, while Vice Chairman Ajit Jain, 70, would likely continue leading insurance operations.
Buffett pledged that Berkshire would preserve its "special relationship" with shareholders, and was built to last. Buffett said Abel, in contrast, could face more questions and restrictions from other board members because they know him less well.Berkshire could also face more pressure to do better on environmental and diversity issues, and corporate governance.
"Every time you say, it's probably the last year, and they set another record in human achievement," he said.
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