It really is the end of an era as news breaks that Berkshire Hathaway (BRK.B) CEO Warren Buffett will not take the stage at the company’s future annual meetings.
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Buffett announced at this year’s annual meeting, held earlier in May, that he is stepping down as CEO on Dec. 31, 2025 and passing the torch to his handpicked successor Greg Abel. However, Buffett is remaining as chair of Berkshire’s board of directors and there had been hope that he would continue the longstanding tradition of taking the stage at the annual meeting to answer shareholder questions.
Berkshire Hathaway’s annual meeting held in Omaha, Nebraska is not a typical annual meeting. Known as the “Woodstock of Capitalism,” it draws tens of thousands of shareholders from all over the world who attend to hear Buffett answer questions and discuss subjects ranging from the state of the stock market to his investing philosophy and how other investors should view stocks.
Passing the Torch
Buffett was known to field questions and speak at the Berkshire annual meeting for hours on end. Now that will no longer be the case. According to multiple media reports, Greg Abel will take questions from shareholders and pontificate on all things related to Berkshire Hathaway and the state of the stock market at future shareholder gatherings.
The decision puts Berkshire Hathaway, and its massive cash pile of nearly $350 billion, in the hands of Abel, who previously ran Berkshire’s utility business unit. The move is likely to be a disappointment to many Berkshire shareholders who were hopeful that Buffett, age 94, would still have a prominent role at the company’s annual gathering in Omaha.
Media reports say Buffett plans to attend the annual meeting, but will now sit with other Berkshire board members on the floor, below the podium, at the event. BRK.B stock has risen 13% this year.
Is BRK.B Stock a Buy?
Berkshire Hathaway’s more affordable Class B stock has a consensus Moderate Buy rating among three Wall Street analysts. That rating is based on two Buy and one Hold recommendations assigned in the last three months. The average BRK.B price target of $544 implies 5.77% upside from current levels.
