- Warren Buffett drew quite a few tributes after his shock announcement Saturday that he plans to step down as Berkshire Hathaway CEO by the top of the 12 months. JPMorgan CEO Jamie Dimon stated he “represents everything that is good about American capitalism.” Apple CEO Tim Cook dinner praised Buffett and his successor, Greg Abel.
High CEOs praised Warren Buffett after the legendary investor stated Saturday he plans to step down as Berkshire Hathaway chief by the top of the 12 months.
Buffett stated Berkshire Hathaway Vitality CEO Greg Abel ought to take over as head of the general conglomerate, beautiful shareholders on the annual convention.
The “Oracle of Omaha” drew quite a few tributes, together with one from JPMorgan Chase CEO Jamie Dimon.
“Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense,” he stated, in accordance with Reuters. “I’ve learned so much from him to this very day, and I am honored to call him a friend.”
Apple CEO Tim Cook dinner additionally reacted to the shock announcement. Berkshire started shopping for Apple inventory in 2016 and steadily added extra shares.
Whereas Berkshire bought off greater than half of its holdings in Apple inventory final 12 months, the iPhone maker stays the one greatest place in its portfolio.
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Cook dinner posted on X. “It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
Earlier within the shareholder assembly on Saturday, Buffett heaped reward on Cook dinner, saying he “has made Berkshire a lot more than I made Berkshire,” whereas including that “nobody but Steve (Jobs) could have created Apple, but nobody but Tim could have developed it like it had.”
Not solely did Buffett shock shareholders, neither Abel nor most board members knew he would make the announcement. Buffett stated solely his kids who’re serving as administrators had prior information.
“It surprised me, but it impresses me,” board member Ron Olsen advised CNBC. “Warren has lived a life full of surprises, very few of his decisions have been anything other than sensational.”
CFRA analyst Cathy Seifert advised the Related Press that Buffett’s choice was in all probability very robust, however that it is higher that he leaves on personal his phrases.
“I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire,” she added. “That is still to be determined.”
In the meantime, J Stern & Co chief funding officer Christopher Rossbach, whose agency is a Berkshire shareholder, fought again tears as he reacted to the information.
“This is absolutely monumental,” he advised the Monetary Instances. “Berkshire Hathaway is an incredible business and an incredible achievement. It stands for everything that is best about American capitalism and entrepreneurship.”
This story was initially featured on Fortune.com
