Warren Buffett stepped down as Berkshire Hathaway CEO on December 31, but he still works alongside his colleagues every day.
The 95-year-old, who helmed the Omaha, Nebraska-based holding company for six decades, is technically retired but still serves as chairman. He goes into the office daily and remains included in investment decisions, he told CNBC’s Becky Quick in a March 31 interview on “Squawk Box.” The company’s CEO now is his handpicked successor, Greg Abel. “I won’t make any [investments] that Greg thinks are wrong,” said Buffett.
While CEO, Buffett grew Berkshire Hathaway from a declining textile company into a global conglomerate with an overall return of over five million percent during his tenure. He and his successor talk nearly every day, Abel told “Squawk Box” on March 5. “If I’m in Omaha, we’re always connecting,” said Abel. “If I’m traveling, like I was yesterday, I often check in just to catch up on what he’s seeing, what he’s hearing, what am I feeling. So if it’s not every day, it’s every couple days.”
Buffett and Abel didn’t immediately respond to CNBC Make It’s request for further comment on their working relationship, but their situation highlights an unusual dynamic: a leader having a second act within their company. A former company leader reporting to you can come with both challenges and significant advantages, says Amy Gallo, a global workplace dynamics speaker and author of the September 2022 book “Getting Along: How to Work with Anyone (Even Difficult People).”
