- Berkshire Hathaway lead director Sue Decker says Buffett’s heir apparent, Greg Abel, has been embraced by the board and has been taking on a bigger leadership role. Berkshire hosts its annual shareholders meeting this weekend, and Buffett could speak on tariffs for the first time since Trump’s “Liberation Day” announcement.
Berkshire Hathaway lead director Sue Decker said the heir to CEO Warren Buffett’s throne is already transitioning into the top spot.
Berkshire Hathaway Energy CEO Greg Abel is set to take over Buffett’s role as chief executive of the overall conglomerate.
“In the last year, the board, really Greg and Warren, have moved from sort of preparing for success to actually practicing it,” Decker told CNBC. “Greg has gotten much more involved in capital allocation decisions, and I know he’s earned the trust of the board and Warren in that.”
She added, “We don’t even really see him as a CEO in waiting, he’s taking on the leadership capacity right now.”
Buffett himself could further address Abel’s role in the coming days. Called the “Woodstock for capitalists,” Berkshire Hathaway will host its annual three-day shareholders meeting this weekend, highlighted by a Q&A session with Buffett on Saturday.
The Q&A will also give him an opportunity to comment on the recent market volatility since President Donald Trump announced his so-called “Liberation Day” tariffs on April 2. That includes a 145% tariff on Chinese imports, though he has made key exceptions and put duties elsewhere on a 90-day hold.
In early March, Buffett told CBS that tariffs over the long term “are a tax on goods,” adding “I mean, the tooth fairy doesn’t pay ‘em!”
Investors are hoping for something more forceful this weekend.
“Because Berkshire owns so many businesses, they’re basically on the front lines of everything in terms of the economy falling off. Is it even worse than what the numbers are already showing?” Check Capital Management founder Steve Check told CNBC. “I hope, more than anything, that he speaks out against the way tariffs have been done.”
It’s unclear if Buffett will make any statements on the market outlook in relation to tariffs, but his recent capital movements have suggested he’s safeguarding Berkshire from a possible economic downturn.
The Oracle of Omaha sold $134 billion in equities in 2024, ending the year with a $334.2 billion pile of cash. He also sold 67% of his stock position in Apple. The iPhone maker which manufactures most of its American-used devices in China has seen its stock price plunge nearly 16% since the start of the year.
When asked about why Berkshire is carrying so much cash, Decker said that the company doesn’t see cash as “sitting there idle, we see it as a strategic asset.”
“When you think about what’s going on right now in the world, there’s really no other company in the world that has a fortress of a balance sheet that also could be used to help stabilize or provide liquidity if some major financial market dislocation happened,” she told CNBC.
