Berkshire Hathaway investors worry about life after Buffett

OMAHA, Neb. — Thousands of Berkshire Hathaway shareholders return to Omaha every year to learn from Warren Buffett and celebrate the company he built through acquisitions and investments.

But with the 88-year-old Buffett and 95-year-old Charlie Munger leading the company, it’s hard for shareholders not to wonder how much longer the revered investors will be in place. Neither has any plans to retire.

Shareholder Stephen Teenois, 30, made the trip to Omaha this year after owning the stock for several years because he wanted to experience the event where Buffett and Munger spend hours answering questions.

“I just want to soak in everything I can and learn from him,” said Teenois, who is from Houston.

Buffett has said that Berkshire has a succession plan in place for whenever it is needed. Two longtime executives, Ajit Jain and Greg Abel, have been promoted to vice chairman to help oversee Berkshire’s businesses. One of them will likely eventually be Berkshire’s next CEO.

Buffett has said both Abel and Jain have done a great job since they were promoted into the new roles in early 2018, and both earned about $18 million last year. Jain oversees the conglomerate’s insurance businesses while Abel oversees non-insurance business operations.

Jim Weber, CEO of Berkshire company Brooks Running, said the transition from reporting directly to Buffett to reporting to Abel has gone smoothly.

“I’ve enjoyed working with him. He’s incredibly smart,” Weber said about Abel, who oversees all of Berkshire’s non-insurance businesses.

Abel had to spend time last year getting to know the businesses he now oversees. Berkshire’s eclectic collection of more than 90 businesses includes a variety of industries. Previously, Abel oversaw Berkshire utility businesses.

Bill Laub, 67, of Moline, Illinois, said he isn’t worried about Buffett’s successor and the future of the company because he has faith in the team behind him.

“If something happened to Warren, there would be the shock and the blip, and then it will all be over,” Laub said.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

‘Ambulance dispatch should be kept local,’ says Red Deer mayor

Four Alberta mayors meet with Minister of Health on Thursday

Central zone down to 19 active COVID-19 cases on Thursday

Provincially, 158 new COVID-19 cases were identified

Empty Red Deer hotels could be purchased to create more affordable housing

City and its housing partners will be applying for a new federal program to reduce homelessness

As Agri-Trade neared exhibitors had second thoughts

Agricultural show cancelled rather than fall short of expectations

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Russian Olympic biathlon champion loses Sochi doping case

Russian Olympic biathlon champion loses Sochi doping case

Raptors coach Nurse says he needs to ‘decompress’ from this season

Raptors coach Nurse says he needs to ‘decompress’ from this season

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Iditarod preps for any scenario as 2021 race plans proceed

Iditarod preps for any scenario as 2021 race plans proceed

Pac-12 to kick off 7-game football season in early November

Pac-12 to kick off 7-game football season in early November

Penguins trade 2-time Cup winner Hornqvist to Panthers

Penguins trade 2-time Cup winner Hornqvist to Panthers

Most Read