(Reuters) -Warren Buffett, 94, announced on Saturday he will step down as chief executive of Berkshire Hathaway at the end of 2025, and hand over the reins to Vice Chairman Greg Abel. Here are reactions:
Brian Moynihan, CEO at Bank of America: “Warren Buffett has achieved unparalleled success over a seven-decade-plus career. Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow. His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights. He has been a tremendous supporter and investor in Bank of America and our nation’s economy and the innovative spirit of the United States.”
JPMorgan Chase & Co CEO Jamie Dimon: “Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense. I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Apple CEO Tim Cook: “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Art Hogan, strategist at B. Riley Wealth: “What a wonderful track record he’s had, one of the best we’ll ever see. But it kind of makes sense for him to leave the arena now. I think he’s built up a strong team that are already playing a greater role in decision making. And stepping back now leaves Greg Abel with a lot of cash to move forward with.”
Sierra Club Staff Attorney Rose Monahan: “During Greg Abel’s reign, Berkshire Hathaway Energy has operated the dirtiest fleet of coal plants in the country, and that’s a fact. There is no indication that Berkshire Hathaway wants to be a climate leader, and Abel’s appointment is Exhibit A. While Berkshire Hathaway executives and shareholders rake in billions in profit every year, the rest of us are paying the price for their climate inaction.”
Nate Garrison, chief investment officer, World Investment Advisors, Washington, Iowa: “Everyone knew it was coming, they just didn’t know when. I think this has been well-telegraphed that Greg Abel would be the successor, so I don’t think it’s anything too shocking. With Charlie Munger now passed away, maybe Warren thought it was time to pass the torch to a new generation. It’s one of the largest companies in America; I don’t have any concerns about Berkshire Hathaway in the near or intermediate future; Buffett has built such an amazing machine — heck, they own 5% of the Treasury bill market! It’s something that will stand the test of time.”
Jack Ablin, chief investment officer at Cresset Capital: “I’m not alarmed by the news. We wouldn’t be recommending to any of our clients to sell or lighten up their Berkshire holdings. I think that Berkshire has been trying to telegraph a transition for a while, I think the portfolio is in good hands with Abel. The moves they’ve made over the last year or so, cutting Apple stake in half and raising some cash, put it in a good place.”
(Reporting by David Shepardson, Suzanne McGee and Saeed Azhar; Editing by Edmund Klamann)
