Billionaire Warren Buffett said Berkshire Hathaway is stronger than any other company to weather the long run, following the handover of leadership to Greg Abel after six decades under the famed “Oracle of Omaha.”
Here’s what Warren Buffett said about Greg Abel—
“It has a better chance I think of being here 100 years from now than any company I can think of,” Buffett told CNBC on Friday.
Buffett added, Greg will be the decider,” Buffett said. I “can’t imagine how much more he can get accomplished in a week than I can in a month….I’d rather have Greg handling my money than any of the top investment advisors or any of the top CEOs in the United States.”
The conglomerate now faces the challenge of sustaining its legacy without the visionary who reshaped modern investing and built Berkshire from a faltering textile firm into a $1-trillion investment powerhouse, according to a report by Reuters.
Buffett formally stepped down as CEO on Thursday, bringing to a close a six-decade tenure that transformed a failing textile firm into a trillion-dollar conglomerate spanning businesses with more than $300 billion in cash on its balance sheet.
Although leadership transitions often bring uncertainty, analysts note that Buffett has carefully laid the groundwork for a smooth handover, even as his identity remains closely intertwined with the firm. Abel has been part of Berkshire since 2000, joining after its purchase of MidAmerican Energy, now Berkshire Hathaway Energy.