Greg Abel Leads First Berkshire Meeting as CEO

Greg Abel presided over his first Berkshire Hathaway annual meeting as CEO on Saturday in Omaha, Nebraska, as Warren Buffett, 95, watched from the audience after stepping down as chief executive in January. The leadership transition marked the end of an era at the gathering that has defined Berkshire for decades, with shareholders expressing cautious optimism about Abel's ability to guide the conglomerate while acknowledging the difficulty of replacing "the greatest investor who ever lived." Abel, 63, who previously served as Buffett's designated successor since 2021, addressed the audience for one hour and fielded shareholder questions for an additional 2.5 hours, a restructured format that differed significantly from the freewheeling Q&A sessions led by Buffett and the late Charlie Munger. The shareholder shopping event, known as the "Berkshire Bazaar of Bargains," drew a noticeably thinner crowd compared to previous years, with shorter lines throughout the 20,000-square-foot exhibit hall. Berkshire's stock has underperformed the S&P 500 by 39 percentage points since Buffett announced his succession plan at last year's meeting, and the company faces challenges including a $373 billion cash pile that has gone largely uninvested for a decade and a 6 percent decline in operating profit for 2025. Abel inherited oversight of 94 percent of Berkshire's stock portfolio by February, despite having no professional history as a stock picker, as Buffett revised his thinking to allow someone with business expertise to understand investments. Shareholders surveyed expressed confidence in Abel's operational capabilities while acknowledging he lacks the storytelling prowess that made Buffett and Munger's sessions must-watch events. Beyond the official proceedings, Berkshire subsidiaries showcased their products across the exhibit hall, with Squishmallows continuing to draw crowds including a new Abel-themed plush that the CEO helped design. See's Candies featured themed chocolate treats and cardboard cutouts of both Buffett and Abel playing hockey, a nod to Abel's Canadian roots, while Brooks Running sold special edition shoes featuring Berkshire branding. The meeting also included first-time participation from BNSF Railway CEO Katie Farmer and Adam Johnson, who oversees Berkshire's consumer, services and retail operations, reflecting the broader management shuffle accompanying Abel's ascension. Shareholders voted on executive compensation and discussed oversight of Berkshire's 387,000 employees, as the conglomerate navigates questions about its future direction in an economy increasingly driven by artificial intelligence and technology investments.