Thread

Warren Buffett Steps Down as Berkshire Chairman, Names Son to Replace Him

323 points · 221 comments · saimiam

dugmartin · 1789732295 · focus · HN ↗
I guess Warren’s quote only applies to other people, not him. "It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics." (<a href="https://www.nytimes.com/2001/02/14/us/dozens-of-rich-americans-join-in-fight-to-retain-the-estate-tax.html" rel="nofollow">https://www.nytimes.com/2001/02/14/us/dozens-of-rich-america...)
1. nlitened · 1789734152 · focus · HN ↗
  As I understand, the son is there not to lead the company (Greg Abel is the CEO), but to oversee their family's share in the enterprise.
  1. jjallen · 1789738952 · focus · HN ↗
    He's there to maintain the very unique culture of the company. I think it's sort of like if they have his son there he of all people should know Buffett's/Berkshire's culture and be able to best maintain it. He's got a few years to figure out a successor. But yeah this is mostly about the unique culture they have.
    Waterluvian · 1789739872 · focus · HN ↗
    Does this actually work or is this just the best option he's got given he cannot live forever?

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