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.
    WarmWash · 1789740395 · focus · HN ↗
    He also has been on the board since 1993. So it's not like his son is walking in today as the new guy.
    He was elected by the board too, rather than directly placed by Warren.
    koolba · 1789741817 · focus · HN ↗
    > He was elected by the board too, rather than directly placed by Warren.
    I don’t think the last name hurt his chances in 1993 either.
    jjallen · 1789742177 · focus · HN ↗
    You would want someone who is intimately familiar with the culture to be involved for a long time in case something happened to Warren.
    thundercleeze · 1789743503 · focus · HN ↗
    I imagine there were some other candidates in 1993 that didn't share Buffet's genetics.
    theplumber · 1789756365 · focus · HN ↗
    Bill Gates could have been named but boys will be boys…

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