Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
Buffett, the 94-year-old architect and face of Berkshire Hathaway Inc., said he is going to retire.
A few feet away, Greg Abel, the energy executive long seen as Omaha’s crown prince, wasn’t even aware his time had come.
Buffett will hand Abel the keys to a $1.2 trillion behemoth, commanding a portfolio of stocks such as Apple Inc. and American Express Co. on top of a collection of insurance, energy, railroad and consumer businesses that regularly churn out $10 billion a quarter in operating profit.
Abel takes over on January 1.
Bloomberg Intelligence senior US property and casualty insurance analyst Matthew Palazola examines the implications of Buffett’s long-awaited announcement. Matthew speaks with Tom Keene and Tim Stenovec on Bloomberg Radio.
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