No. of Recommendations: 19
It was a good move, probably a year overdue.
I seriously doubt Warren Buffett - health permitting - is going to walk away from Berkshire Hathaway or the annual meetings. Abel will have his phone number and he'll pick up. The longer the overlap of Buffett's active chairmanship while Abel is assuming the CEO role the better; Abel is up to it, but it is still a vulnerable period. There will have a lot of knives out for him just by virtue of position. It is one thing to have Buffett's imprimatur, but it is even better to have a Buffett with his full faculties able to actively support him if necessary.
I look forward to Buffet as chairman and Abel as CEO. I can't think of a more impressive active CEO / COB pair. It is a glib analogy, but I think of Michael Corleone with Vito taking over from Tom Hagen as his "wartime consigliere". I also think of Microsoft. If I recall correctly, Gates stayed on for 5+ years until stepping down for Nadella to assume Chair + CEO (and MSFT appreciated 400-500% in that time).
I'm glad for Buffett, too. Better that he can see firsthand that his and Charlie's lives' work is in good hands, and that he succeeded at the most important job of successfully passing the torch.
