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Warren Buffett’s Final CEO Letter: “My Greatest Legacy Is Shared Wisdom, Not Wealth”
Warren Buffett: Greg Abel will take over as Buffett's successor. Abel has been with the company since 2000, when Berkshire acquired his energy business. Buffett said, "He understands our companies and employees far better than I do."
Warren Buffett, one of the world's most renowned investors, said in his final CEO letter on Monday that he will now "remain silent." After leading Berkshire Hathaway for nearly 60 years, the 94-year-old will step down at the end of this year. However, he also said that he will continue to send Thanksgiving messages to his children and shareholders each year.
In his final words, Buffett departed without fanfare or a grand announcement, but with simplicity and humility. He wrote, "My greatest legacy is not wealth, but shared wisdom and faith."
Greg Abel will succeed Buffett as the company's successor. Abel has been with the company since 2000, when Berkshire acquired his energy business. Buffett said, "He understands our companies and employees far better than I do. He is an excellent manager, a hard worker, and an honest communicator." He added, "I wish him well and a long life leading Berkshire."
Since 1965, Buffett's annual letter was considered an investor's "bible." These letters contained not only financial reports but also reflected life philosophy and investment tips intermingled with practical wisdom. Now, Abel will continue this tradition.
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In his final letter, Buffett wrote emotionally about charity, age, and life lessons. He announced that he would donate his remaining $149 billion worth of shares. He said, "I still feel good. I walk slowly and take some time to read, but I go to the office five days a week and work with wonderful people." He said he recently converted 1,800 Class A shares, worth approximately $1.35 billion, into Class B shares and donated them to his four family trusts.
Buffett said he wants to expedite the functioning of his trusts so that his entire wealth can be distributed to charity in a timely manner. He wrote, "I want my foundations to distribute most of their assets while I'm still alive."
Even though he is stepping down as CEO, Buffett said he remains confident in Berkshire Hathaway's future. He will retain some of his Class A shares until investors have full confidence in the new leadership. He wrote, "This confidence won't take long."
