Crowd shrinks as Berkshire Hathaway’s new CEO leads the annual meeting for the first time Saturday

The Berkshire Hathaway annual meeting in Omaha, Nebraska saw a change in leadership as Greg Abel took over the reins from Warren Buffett. While the folksy wisdom and humor that Buffett and his longtime partner Charlie Munger brought to the meeting were missed, shareholders still gathered to listen to Abel.

Attendance was down this year, with the arena only half full compared to previous years when over 40,000 people attended. Despite this, shareholders lined up early to hear Abel speak. The meeting began with a tribute to Buffett, showcasing clips from the past 60 years of annual meetings. Abel then announced the retirement of jerseys with Buffett’s and Munger’s names hanging in the arena rafters.

Buffett briefly took the microphone to praise Abel and acknowledge Apple CEO Tim Cook, who attended the meeting. Cook received a round of applause for his role in Berkshire’s investment in Apple. Abel, who has been on stage with Buffett for several years, is now running the show for the first time.

The focus of the meeting shifted towards how Berkshire’s various companies are performing. Abel discussed the performance of the conglomerate’s insurers, railroad, and utilities. He also highlighted the use of artificial intelligence in solving business problems.

While the transition in leadership was evident, the culture established by Buffett over the past 60 years remains intact. Abel has made some administrative changes but has promised to maintain Berkshire’s values. The CEOs of Berkshire’s subsidiaries noted little change in their operations under Abel’s leadership.

Overall, Berkshire’s profits more than doubled in the first quarter, reflecting the growth and performance of its businesses. Shareholders are looking for continued success under Abel’s leadership while staying true to Buffett’s legacy. The meeting concluded with a focus on improving operations, especially at BNSF railroad.

The Berkshire Hathaway annual meeting may have lacked the usual entertainment value, but shareholders remain optimistic about the future under Greg Abel’s leadership.