Top CEOs praised Warren Buffett after the legendary investor said Saturday he plans to step down as Berkshire Hathaway chief by the end of the year.
Apple CEO Tim Cook also reacted to the surprise announcement. Berkshire began buying Apple stock in 2016 and steadily added more shares.
While Berkshire sold off more than half of its holdings in Apple stock last year, the iPhone maker remains the single biggest position in its portfolio.
Earlier in the shareholder meeting on Saturday, Buffett heaped praise on Cook, saying he “has made Berkshire a lot more than I made Berkshire,” while adding that “nobody but Steve (Jobs) could have created Apple, but nobody but Tim could have developed it like it had.”
Not only did Buffett surprise shareholders, neither Abel nor most board members knew he would make the announcement. Buffett said only his children who are serving as directors had prior knowledge.
“I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire,” she added. “That is still to be determined.”
Meanwhile, J Stern & Co chief investment officer Christopher Rossbach, whose firm is a Berkshire shareholder, fought back tears as he reacted to the news.
