Buffett: Berkshire will likely be here '100 years from now'

Investing.com -- Warren Buffett has officially stepped down as CEO of Berkshire Hathaway, transferring leadership to Greg Abel. On his way out, the Oracle of Omaha reiterated that he is as confident as ever in the company’s future.

"It has a better chance I think of being here 100 years from now than any company I can think of," Buffett told Becky Quick in a special interview partially aired on CNBC Friday.

The 95-year-old investor formally handed over the CEO position to Abel on Thursday, concluding his remarkable six-decade leadership that transformed a struggling textile mill into a trillion-dollar conglomerate. Under Buffett’s guidance, Berkshire built a diverse portfolio spanning insurance companies and railroads, accumulating over $300 billion in cash.

Buffett, who will continue as chairman, offered strong endorsement of his successor, stating, "Greg will be the decider. I can’t imagine how much more he can get accomplished in a week than I can in a month....I’d rather have Greg handling my money than any of the top investment advisors or any of the top CEOs in the United States."

The legendary investor described Abel as a sensible leader who maintains a normal lifestyle away from public attention, noting that Abel enjoys playing ice hockey with his children. Buffett remarked that Abel’s neighbors wouldn’t realize he now leads a company employing nearly 400,000 people.

Buffett also announced he will not speak at Berkshire’s annual shareholder meeting this year, marking a significant change to the event that has attracted tens of thousands of investors to Omaha for decades. He indicated he will still attend but will sit in the directors’ section rather than taking the stage.

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