From CNBC: 2024-05-04 14:53:30

Warren Buffett announced that Greg Abel will have the final say on investing decisions at Berkshire Hathaway once Buffett is no longer in charge. Abel, known as Buffett’s successor, oversees major portions of Berkshire’s businesses, including energy and retail. The succession plan was clarified as Berkshire’s cash pile and equity portfolio grew significantly.

Buffett emphasized that Abel will have full responsibility for capital allocation, including managing the massive sums of money in Berkshire’s assets. While there were questions about who would control the stock portfolio, it seems Abel will make final decisions on stock picks. Both Todd Combs and Ted Weschler have helped manage a small portion of the portfolio.

Abel, known for his expertise in the energy industry, has been with Berkshire since the acquisition of MidAmerican Energy in 1999. He became CEO of the company in 2008 and has been integral in managing Berkshire Hathaway Energy. Buffett praised Abel’s understanding of business and stocks, highlighting his strategic vision.

Read more: Warren Buffett says Greg Abel will make Berkshire Hathaway investing decisions when he’s gone