Benzinga - Warren Buffett’s successor Greg Abel shed light on what Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B) will be like after the "Oracle of Omaha" leaves the company.
What Happened: In an interview with CNBC Squawk Box on Wednesday, Abel discussed the merits of working for the firm and how Buffett, 92, has helped him with the transition.
Abel, 60, also noted that he has had the opportunity to work with managers and has built strong relationships with them. However, he acknowledged that things will not be the same when Buffett leaves.
“I have effectively apologized to them [managers] many times for that outcome, but they also realize that they still have an opportunity to go run their businesses, what they love and what they wake up to do every day ... and that's what we're still providing today under the current situation and we'll provide the same opportunity long-term,” he said.
Buffett chimed in and shared how Abel was chosen as his successor. "We are so damn lucky," the billionaire said. Buffett highlighted the challenge for the board when he is no longer around, clarifying that he would not be instructing Abel on his next steps. Moreover, he emphasized that Abel is not aiming to retire at a specific age, such as 65, 70, or 75 years.
“We don't want anyone at Berkshire thinking about what their package will be when they get to be 65. We have got a unique organization which now has tremendous resources,” Buffett said.
“Nobody really can copy our style."
According to Buffett, Berkshire's subsidiaries have cash parked with the best banks in the world, and the company has over $100 billion in cash.
“Where else can they get an answer in 5 minutes…we're interested in the business,” Buffett said. He also said employees could be more relaxed with him, as well as Greg.
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