Buffett backs CEO-designate Abelto keep Berkshire shares

WARREN BUFFETT ON Monday assured Berkshire Hathaway shareholders they should stick around as he prepares to depart as chief executive, giving a full-throated endorsement to his successor Greg Abel and promising to remain a major shareholder.

- REUTERS

In a letter to Berkshire shareholders, likely his last before he steps down at yearend, the 95-year-old Buffett said he will be “going quiet” as Abel takes the lead in communicating with them.

Buffett also downplayed recent declines in Berkshire’s stock price, saying Abel has “more than met” his high expectations when he first thought the 63-year-old was CEO material, and simply needs time to gain investors’ confidence.

“I can’t think of a CEO, a management consultant, an academic, a member of government — you name it - that I would select over Greg to handle your savings and mine,” Buffett wrote. “He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.”