 "Berkshire Hathaway Chairman and CEO Warren Buffett . Image credit: AP")
Warren Buffett will step down as the CEO of Berkshire Hathaway by the end of 2025, with Greg Abel being his successor. He wrote his farewell letter to the shareholders of his company on November 10, announcing that he will no longer write annual reports at the meetings and step down as head.
I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet.’ Sort of," he said.
He reflected on his life after turning 90, and shared experiences of his childhood. He allocated a lot of shares and contributed a lot to the company’s shares. Specifically, he allocated 1,500,000 shares to The Susan Thompson Buffett Foundation, and 400,000 shares each to The Sherwood Foundation, The Howard G Buffett Foundation, and the NoVo Foundation.
Continue his ties
Buffett shared that he will not cut the entire relation from the company and the employees, however will continue to share Thanksgiving messages with the shareholders.
Buffett in his farewell letter wrote and discussed his personal life along with the company’s future growth and ties which changed his life.
Below are the highlights from his farewell letter
Buffett penned down a beautiful farewell to the company in which he discussed about his family, life in Omaha, and much more.
Near-death experience in Omaha
The 95-year-old reflected on his near death experience in Omaha in 1938, and how his family doctor visited him. Buffett discussed his friend, Charlie Munger who lived close to his place and was his ‘big protective brother.’
Berkshire’s rise in Omaha
He expressed his gratitude to Omaha, as he found his wife and built his business.
He said, “Looking back, I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The centre of the United States was a very good place to be born, to raise a family, and to build a business."
Impact Shorts
More Shorts‘My children do not need to perform miracles’
Writing about his three children, Howard Graham Buffett, Peter Buffett, and Susan Alice Buffett he shared his emotions and wrote that, “I assured that my children do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share. They simply need to improve somewhat upon what is generally achieved."
His successor Greg Abel
Talking about the next CEO, Greg Abel, Buffett praised his contributions to the company and said, “Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO."
Appreciating him and considering him a fast learner, Buffett showed confidence in him and assured that the company is going to be in the right hands.
Conclusion
Sharing his final thoughts, Buffett shared his love for his company and his speeches. He wrote, " I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them."