Warren Buffett successor: After 'Oracle of Omaha', these two may run Rs 35 lakh crore empire!
In an annual shareholder meeting, Buffett stated that Berkshire Hathaway cannot have better-operating managers than Greg and Ajit and he appreciates their accomplishments. Though Buffet did not reveal it as a confirmation at the AGM of the company but praised the two senior officials during the event.
One of the world's richest investor, Warren Buffett on Saturday gave a hint about his likely successors, who might lead his Rs 35 lakh crore ($500 billion) market-cap company - Berkshire Hathaway. Though Buffet did not reveal it as a confirmation at the AGM of the company but praised the two senior officials during the event. Warren Buffett, CEO and Chairman of Berkshire Hathaway is the third-richest man. In an annual shareholder meeting, Buffett stated that Berkshire Hathaway cannot have better-operating managers than Greg and Ajit and he appreciates their accomplishments.
''Gregory Able, 57, and Ajit Jain, 67 were promoted last year to the board of directors and would join him in the near future'', said Buffett in an answer to one of the questions. Long-time business partner Charlie Munger, 95, was also on the stage to answer shareholder questions at AGM. ''You could not have two better-operating managers than Greg and Ajit. It's just fantastic what they've accomplished," added Buffett, who is popularly known as the 'Oracle of Omaha.'
Buffett and Munger have been the two leaders of Berkshire Hathaway for decades now, but on Saturday, Jain was also there who answered a shareholder question, even when he was not on stage. Abel became part of the company in 1992. He joined in the energy division and looked after all non-insurance activities for more than a year. Jain joined the company in 1986 to be a part of the insurance division, which is currently led by him.
Berkshire Hathaway on Saturday posted a net profit of $21.66 billion (approx 1.47 lakh crore). The result excluded the impact of expected losses in account of its stake in Kraft Heinz, which recently depreciated assets worth billions of dollars of the company. Berkshire Hathaway has holdings in some of the major companies like American Express, JPMorgan Chase and Goldman Sachs etc.
Some 20,000 people were there to witness Buffett's speech, after lining up in the morning at 5:00 am. Buffett started the event by touring the souvenir stands at CHI Health Center and talking and greeting the attendees like leading executives, investors and billionaires across the globe.