August 22, 2022
(Barron's) - Owning the stock is key to the culture at the conglomerate, but Greg Abel, who heads its noninsurance operations, appears not to have bought into that.
Ownership of Berkshire Hathaway BRK.B –1.91% stock is a big part of the culture at the sprawling conglomerate, but Greg Abel, the likely successor to Warren Buffett as CEO, appears not to have bought into that.
In a surprise to some Berkshire Hathaway (BRK/A, BRK/B) watchers, Abel sold a 1% stake in the company’s big utility unit, Berkshire Hathaway Energy, back to the subsidiary for $870 million in cash, rather than getting Berkshire stock. That June sale was disclosed in Berkshire’s recently filed 10-Q for the second quarter.
By Andrew Bary
