Warren Buffett outlines succession plan at Berkshire Hathaway’s annual meeting

Warren Buffett Pays Tribute to Charlie Munger at Berkshire Hathaway Meeting

OMAHA, Nebraska (Reuters) – Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, took the stage at the company’s annual meeting on Saturday to honor his longtime business partner Charlie Munger. Buffett outlined the expanded roles of the executives who are designated to eventually succeed him in leading the company.

This year marks the 60th annual meeting for Buffett, who took over Berkshire in 1965. At 93 years old, Buffett has largely stopped making public appearances to discuss the company, but he made an exception for this milestone event. He told investors in November that he felt good but knew he was “playing in extra innings.”

During the meeting, Buffett expressed his confidence in letting chief executives of Berkshire’s operating units work directly with Vice Chairman Greg Abel and Vice Chairman Ajit Jain. Abel, who is designated as Buffett’s successor as chief executive, sat on stage with Buffett.

“When you’ve got somebody like Greg and Ajit, why settle for me?” Buffett said. “It has worked out extremely well.”

The meeting was the first since Munger, Buffett’s longtime friend and business partner, passed away in November at the age of 99. Buffett paid tribute to Munger, saying, “I have been in the position of having people I trust around me,” and referencing their partnership.

Munger was known for his sharp wit and insightful commentary, which often provided a counterpoint to Buffett’s more measured approach. Buffett praised Munger’s influence on Berkshire Hathaway, saying, “Charlie’s architectural thoughts led to the Berkshire Hathaway of today.”

Ahead of the meeting, Berkshire reported first-quarter earnings that showed a significant increase in its cash pile, which now stands at $189 billion as of March 31. Despite a decrease in its stake in Apple, Buffett reassured shareholders that the tech giant would remain the company’s largest investment.

Buffett also addressed Berkshire’s commitment to the U.S. market, saying, “We will be American oriented.” He highlighted the challenges facing Berkshire’s energy business, particularly related to wildfires, but expressed confidence in the company’s ability to navigate these issues.

Hundreds of shareholders gathered in downtown Omaha for the meeting, some waiting in line overnight to secure good seats. Shareholders from around the world expressed their enthusiasm for hearing Buffett’s insights and perspectives on various investment opportunities.

As Berkshire Hathaway continues to evolve and face challenges, including succession planning and capital allocation, investors are eager to hear Buffett’s thoughts on the company’s future direction. With a diverse portfolio of businesses and investments, Berkshire remains a powerhouse in the financial world.

Overall, the annual meeting was a celebration of Buffett’s legacy and the enduring success of Berkshire Hathaway. Shareholders left the event feeling optimistic about the company’s future and confident in Buffett’s leadership.