INSUBCONTINENT EXCLUSIVE:
Thousands of
BerkshireHathaway shareholders return to Omaha every year to learn from Warren
Buffett and celebrate the company he built
through acquisitions and investments.
But with the 88-year-old
Buffett and 95-year-old Charlie Munger leading the company, it's hard for
shareholders not to wonder how much longer the revered
investors will be in place
Neither has any plans to retire.
Shareholder Stephen Teenois, 30, made the trip to Omaha this year
after owning the stock for several years
because he wanted to experience the event where
Buffett and Munger spend hours answering questions.
``I just want to soak in everything I
can and learn from him,'' said Teenois, who is from Houston.
Buffett has said that
Berkshire has a succession plan in place for whenever it
Two longtime executives, Ajit Jain and Greg Abel, have been promoted to vice chairman to help oversee
Berkshire's businesses
One of them will likely eventually be
Berkshire's next CEO.
Buffett has said both Abel and Jain have done a great job since they were
promoted into the new roles in early 2018, and both earned
about $18 million last year
Jain oversees the conglomerate's insurance businesses while Abel oversees non-insurance business operations.
Jim Weber, CEO of
Berkshire
company Brooks Running, said the transition from reporting directly to
Buffett to reporting to Abel has gone smoothly.
``I've enjoyed
He's incredibly smart,'' Weber said
about Abel, who oversees all of
Berkshire's non-insurance businesses.
Abel had to spend time last
year getting to know the businesses he now oversees
Berkshire's eclectic collection of more than 90 businesses includes a variety of industries
Previously, Abel oversaw
Berkshire utility businesses.
Bill Laub, 67, of Moline, Illinois, said he isn't worried
aboutBuffett's
successor and the future of the company because he has faith in the team behind him.
``If something happened to Warren, there would be the
shock and the blip, and then it will all be over,'' Laub said.