Warren Buffett says successors at Berkshire Hathaway ready for job

He also lauds Apple despite conglomerate trimming stake in iPhone maker recently

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Legendary investor Warren Buffett assured shareholders on May 4 that the executives expected to succeed him at Berkshire Hathaway were ready for the job and heaped praise on Apple, even though Berkshire recently trimmed its position in the iPhone maker.

Speaking at Berkshire Hathaway's annual meeting, Mr Buffett also paid tribute to his late partner Charlie Munger and said he expected the conglomerate's cash pile, which reached a record US$189 billion (S$255 billion) last quarter, to continue growing.

The meeting was the 60th for Mr Buffett, who took over Berkshire in 1965 and turned it into an expansive company valued at US$862 billion and owning BNSF railroad, Geico car insurance, Dairy Queen and other businesses. It was also the first since Mr Munger, Mr Buffett's long-time friend, business partner and foil, died in November at the age of 99.

In a downtown Omaha arena, Mr Buffett was joined on stage by vicechairmen Greg Abel, who was designated Mr Buffett's successor as chief executive in 2021, and Ajit Jain.

Mr Abel, 61, and Mr Jain, 72, have had direct oversight of Berkshire's dozens of operating subsidiaries since 2018, freeing Mr Buffett and, before his death, Mr Munger to focus on capital allocation. Mr Buffett said he was happy with that arrangement.