Apple CEOTim Cook, JPMorgan Chase’s Jamie Dimon and other industry leaders paid glowing tributes to Warren Buffett following shock announcement by the Berkshire Hathaway chief executive he will retire at the end of the year, having led the conglomerate for over 60 years.
Cook said, “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
The Apple leader was referring to Canadian executive Greg Abel, who is likely to succeed Buffett, Berkshire Hathaway’s chairman-CEO since 1965. A member of the board since 2018, Abel is currently serving as a vice chairman of non-insurance operations at the Omaha-based company.
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Meanwhile, Dimon praised Buffett as a person who “represents everything that is good about American capitalism and America itself.”
Dimon continued, “Warren Buffett: investing in the growth of our nation and its businesses with integrity, optimism, and common sense. I’ve learned so much from him to this very day, and I am honoured to call him a friend.”
Bank of America CEO Brian Moynihan hailed Buffett for his “unparalleled success over a seven-decade-plus career.”
Moynihan stated, “Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow. His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights.”
Analysts react
Reacting to Buffett’s announcement, Art Hogan, a strategist at financial solutions platform B. Riley Wealth, said the Berkshire Hathaway leader was departing with a “wonderful” track record, and it “made sense” for him to leave now.
According to Nate Garrison, chief investment officer at wealth management firm World Investment Advisors, Buffett’s retirement was “coming.” Garrison added it was “well-telegraphed” that Abel would be the successor.
Rose Monahan, a staff attorney at Sierra Club, a grassroots environmental organization, was scathing in her assessment of Abel.
Monahan said, “During Greg Abel’s reign, Berkshire Hathaway Energy has operated the dirtiest fleet of coal plants in the country, and that’s a fact. There is no indication that Berkshire Hathaway wants to be a climate leader, and Abel’s appointment is Exhibit A.”
