Greg Abel has taken center stage as the new CEO of Berkshire Hathaway, leading the first annual shareholder meeting without 95-year-old Warren Buffett as the central figure on stage. This shift marks a new era for one of investing's most closely watched rituals, presenting a key challenge for Abel as he steps into Buffett's place.
Ahead of the meeting, the conglomerate reported strong first-quarter results. Profits more than doubled, driven by improvements in most businesses and an increase in the value of its investments. Additionally, Berkshire Hathaway's cash pile reached a record high of $397 billion during Abel's first quarter as chief executive officer.
The mood among new and returning investors was cautiously optimistic as they considered the company's future direction under the new leadership. However, attendance at the Saturday event saw a significant decline, with the arena only slightly over half full as the meeting began.