Warren Buffett Will Keep Class A Shares During Transition To CEO Greg Abel’s Leadership

Benzinga

Warren Buffett says he will keep a significant portion of his Berkshire shares until investors are fully confident in successor Greg Abel. Buffett praised Abel’s leadership qualities and also disclosed a $1.3B donation to family foundations, aiming to reassure shareholders during the transition.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Warren Buffett said he will retain a significant amount of Berkshire Hathaway Class A shares

00:08until investors grow comfortable with CEO Greg Abel, his chosen successor,

00:13according to the Wall Street Journal. In a letter to shareholders and his children,

00:17the 95-year-old expressed confidence that shareholders will soon share his children's

00:21and the board's full support for Abel. He praised Abel as a great manager,

00:26a tireless worker, and an honest communicator. Buffett also disclosed donating 1,800 Class A

00:33shares, converted into 2.7 million Class B shares worth $1.3 billion, to four family foundations.

00:41Analysts have expressed concern over Buffett's reduced role and the loss of Charlie Munger,

00:46prompting efforts to reassure investors about Berkshire's leadership transition.

00:51Berkshire's strong third-quarter earnings and improved insurance results have eased some

00:56worries. For all things money, visit Benzinga.com.

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