OMAHA, Nebraska - Greg Abel, who succeeded Warren Buffett as CEO of Berkshire Hathaway in January, moved to reassure shareholders at the company's annual meeting that he will invest the conglomerate's record $380 billion cash pile prudently and without bureaucratic constraints.
"As a conglomerate, we live by the fact that we hate bureaucracy," Abel told the audience, responding to a prerecorded question from Buffett himself. "We do not intend to be beholden to anyone."
Attendance was down significantly from the era of Buffett and the late Charlie Munger, with thousands of seats empty. The 95-year-old Buffett, who remains chairman, attended and told the crowd: "Greg is doing everything I did and then some."
Berkshire reported first-quarter operating profit of $11.35 billion, up 18% year over year, despite challenges in retail and insurance. Abel emphasized patience, saying the company can "create long-term value for shareholders" and does not need to deploy capital hastily.
Abel also praised a recent Oregon court ruling that reduced potential wildfire liabilities for Berkshire's PacifiCorp unit. The meeting, part of a weekend of events in Omaha, drew shorter lines and fewer shoppers this year.