Greg Abel Assures Continuity as Berkshire CEO

Greg Abel officially became CEO of Berkshire Hathaway in January 2026, following Warren Buffett's retirement announcement. The company held its annual shareholder meeting on May 4 in Omaha, Nebraska, where Abel emphasized continuity with Buffett’s legacy under the theme 'The Legacy Continues.'

Abel welcomed a court decision that could limit liabilities at PacifiCorp, Berkshire's utility business. An Oregon state appeals court ruled on April 8 that a large wildfire case could not proceed as a class action, potentially reducing PacifiCorp’s exposure from tens of billions in potential claims to smaller individual cases.

Berkshire reported strong first-quarter earnings, with net income more than doubling to $10.1 billion compared to the same period last year. The company recorded a $5.8 billion gain on stock sales and saw its cash reserves hit a record high of $397.4 billion. Despite these gains, Berkshire shares have underperformed the S&P 500 since Buffett's retirement announcement, with a 12% decline compared to the index’s 25% increase.

Investors expressed cautious optimism about Abel’s leadership during the annual meeting. Abel assured shareholders that Berkshire’s culture would be maintained and emphasized continuity with Buffett’s legacy, stating that the company's conglomerate structure works without bureaucracy or bloated costs. When asked if there were any plans to break up the company, Abel replied, 'Absolutely not.'

Warren Buffett made a significant presence at the meeting despite stepping down as CEO. He praised Abel’s performance, stating that he couldn’t have made a better decision in choosing his successor. During the Q&A session, a 'deepfake' video version of Buffett asked Abel why shareholders should hold onto their stock for the long term. Abel highlighted the company's nearly $400 billion in cash, stating that it creates a unique opportunity for investment if there is a strong value proposition.

Geico, Berkshire’s auto insurer, has been working to segment its customer base and retain customers amid rising premiums. The company tightened underwriting standards and reduced Geico's workforce by nearly one-third to 29,541 people at the end of 2025. Despite these efforts, Geico’s pre-tax underwriting gains fell 35% in the first quarter due to increased advertising spending and rising accident claims.

The annual shareholder meeting saw diminished crowds compared to previous years, with around 12,000 attendees out of the arena's approximately 18,000 seats. Shareholders had mixed reactions to Abel’s leadership. Some praised his knowledge of Berkshire’s operations and ability to reassure investors, while others missed Buffett’s presence and philosophical insights.