Warren Buffett steps down as Berkshire Hathaway CEO after six decades
Los Angeles Times••general
Key Points:
- Greg Abel is set to succeed Warren Buffett as CEO of Berkshire Hathaway, facing the challenge of maintaining the conglomerate's legacy after decades of Buffett's leadership and investment success.
- Berkshire Hathaway has historically outperformed the S&P 500 through Buffett's acquisitions in insurance, manufacturing, retail, utilities, and railroads, but recent growth and acquisition opportunities have slowed.
- Abel, managing Berkshire’s noninsurance businesses since 2018, is expected to maintain the company's decentralized structure and culture, with Buffett remaining chairman and actively advising.
- Recent leadership changes include the departure of Geico CEO Todd Combs and CFO Marc Hamburg, with Abel appointing NetJets CEO Adam Johnson to oversee consumer, service, and retail divisions, reflecting a more hands-on management
