Berkshire Profit Falls 30 Percent as Greg Abel Takes Over
Berkshire profit fell 30 percent to 10.2 billion dollars on investment writedowns. Greg Abel succeeds Warren Buffett as CEO with 373.3 billion dollars in cash.
BERKSHIRE HATHAWAY INC-CL A reported a significant decline in its fourth-quarter operating profit as the conglomerate navigated investment writedowns and a downturn in its insurance segment. The company announced on Saturday that its quarterly operating profit fell 30% to $10.2 billion, or approximately $7,092 per Class A share, compared to $14.53 billion in the same period a year earlier.
This reporting period marks the final quarter for Warren Buffett as the chief executive of the Omaha-based conglomerate. While Buffett continues to serve as chairman, the role of chief executive has transitioned to Greg Abel.
