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Berkshire Hathaway Director Olson Said The Board Has Full Confidence in Abel

Haiden Holmes

Apr 29, 2022 09:53

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On Thursday, one of Berkshire Hathaway's (NYSE:BRKa) longest-serving directors issued a ringing endorsement to Greg Abel as the billionaire's preferred successor.


"He has Warren's and the board's complete confidence," Ronald Olson, a close ally of Buffett's and a Berkshire director since 1997, stated at the University of Nebraska at Omaha's Berkshire System Summit.


Abel, 59, formerly served as CEO of what is now Berkshire Hathaway Energy before being named vice chairman of Berkshire Hathaway in 2018 to handle the company's non-insurance operations.


Buffett, 91, stated in May that Abel was chosen by the board to succeed him as CEO if necessary. "The directors have agreed that if something happens to me tonight, Greg would take over the next morning," Buffett started a year ago.


Olson lauded Abel's managerial abilities ahead of Berkshire's annual meeting, which begins Friday. "He understands statistics and people better than anyone I've ever met," Olson said.


Additionally, he stated that Abel has developed a strong relationship with Berkshire's dozens of non-insurance companies, which include firms in manufacturing, railroads, and retail.


"Without a doubt, he has facilitated a stronger connection between the parent firm and its subsidiaries," Olson stated.


Buffett and Vice Chairman Charlie Munger, both 98, continue to be in charge of significant capital allocation decisions, with Buffett overseeing the majority of Berkshire's common stock investments. Ajit Jain, another vice chairman, is in charge of the insurance division.

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