Succession Plan

Is this the first time they’ve officially recognized Abel as “the man in the envelope?”

Perhaps Munger’s little slip up during the last meeting (implying Abel was the successor) pushed them to finally put it in writing.

From page K-24 of the AR:

“If for any reason the services of our key personnel, particularly Mr. Buffett, were to become unavailable, there could be
a material adverse effect on our operations. Should a replacement for Mr. Buffett be needed currently, Berkshire’s Board of
Directors has agreed that Mr. Abel should replace Mr. Buffett. The Board continually monitors this risk and could alter its
current view regarding a replacement for Mr. Buffett in the future. We believe that the Board’s succession plan, together with
the outstanding managers running our numerous and highly diversified operating units helps to mitigate this risk.”

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Basically they pushed “jain” out. How long his services will be available to Berkshire?

Jain, from what I understand is very comfortable in New York and doesn’t want to move to Nebraska .

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Nor the attention imo. I sense Ajit is quite happy (and wealthy) in his current VC of insurance role. I do not see the attention and spotlight bothering Greg at all when the time comes and sense he is a highly skilled allocator given the huge growth and success of BHE over 20+ years.

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Is this the first time they’ve officially recognized Abel as “the man in the envelope?”

Perhaps Munger’s little slip up during the last meeting (implying Abel was the successor) pushed them to finally put it in writing.

This is the first time it’s been in the annual report, but Buffett confirmed after Munger’s slip up during the last annual meeting that Abel was the successor:

“Greg will keep the culture,” the 97-year-old Munger said simply, explaining that the company’s decentralized nature would outlast him and Warren Buffett.

But that was enough to clue in some Berkshire watchers, who have been wondering about succession plans at the conglomerate once 90-year-old Chairman and CEO Buffett is no longer in charge. To many, it signaled the top job will go to Vice Chairman Greg Abel, who runs all of the noninsurance operations.

The impression was an accurate one, CNBC can confirm.

“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett said. He praised Abel and Vice Chairman Ajit Jain, who runs all of Berkshire’s insurance operations.

https://www.cnbc.com/2021/05/03/when-warren-buffett-eventual…

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