Warren Buffett will be 93 years old when he celebrates his birthday next Wednesday, but he shows no signs of being ready to give up his title as the oldest CEO of a Fortune 500 company.
As yet another birthday approaches, Buffett stays put
Warren Buffett will be 93 years old when he celebrates his birthday next Wednesday, but he shows no signs of being ready to give up his title as the oldest CEO of a Fortune 500 company.
It’s a long-running theme for him.
Back in 1998, when he was just 67, he joked with shareholders that at his previous birthday somebody asked him how old he was:
“And I said, ‘Well, why don’t you just count the candles on the cake?’ And he said he was driven back by the heat…
“But we’re not going to leave willingly.”
Warren Buffett attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, July 8, 2022. REUTERS/Brendan McDermid
In the “risk factors” section of Berkshire’s 2022 annual report, the company warns that “if for any reason the services of our key personnel, particularly Mr. Buffett, were to become unavailable, there could be a material adverse effect on our operations.”
It goes on to say that Berkshire’s board has agreed that Vice Chairman for Non-Insurance Operations Greg Abel should become CEO if a replacement for Buffett is “needed currently,” but the board could change its mind in the future.
Buffett and Munger have been saying for years that the strength of the managers at the subsidiaries will allow Berkshire to continue to prosper if either of them were to suddenly become incapacitated or die.
