New CEO Faces Big Test at Berkshire’s Annual Shareholder Meeting

Greg Abel, 63, stepped onto the stage after taking over as CEO last January. He welcomed the company’s top leaders and unveiled a banner honoring Warren Buffett, who had steered the firm for 60 years.

• Buffett sat in the front row while Abel and other executives discussed Berkshire’s businesses and answered investor questions.
• The arena was largely empty, reflecting a drop in attendance compared to recent years.
• Abel’s succession announcement in 2021 surprised many shareholders.

The Legacy

Buffett’s presence reminded attendees of the legacy he left behind. Abel faces a daunting task: deciding how to deploy Berkshire’s massive cash pile of $373 billion. The company has paused stock buybacks for nearly two years and has not made a major acquisition in ten years.

• Operating profit fell 6 % in 2025, and revenue growth stalled, raising concerns about future performance.

Meeting Format

• Abel will speak for an hour and then answer shareholder questions for two and a half hours.
• Ajit Jain (Insurance chief), Katie Farmer (Railroad CEO), and Adam Johnson (Consumer‑services president) will help field questions.
• This format marks a shift from the past, where Buffett and former Vice Chairman Charlie Munger often discussed broader market trends.

Investor Focus

Investors are watching closely to see how Abel will manage the company’s portfolio, especially since he has no background as a stock picker.

• By February, Abel was already overseeing 94 % of Berkshire’s equity holdings; investment manager Ted Weschler handled the remaining 6 %.
• Buffett has said that a leader who understands entire businesses can also grasp the nuances of investing.

Votes and Proposals

After the Q&A session, shareholders will vote on several non‑binding proposals:

• Executive pay approval.
• Whether to repeat such votes every three years.
• Whether Berkshire should publish a report on overseeing its 387,000 employees.

Weekend Events

The meeting is part of a weekend full of events in Omaha, featuring:

• Investment conferences.
• Private gatherings.
• A shopping area showcasing Berkshire‑owned stores.

Attendees ranged from finance students in Singapore to seasoned professionals, all eager to witness the company’s next chapter.