Ahead Of Berkshire Hathaway's Annual Meeting, Key Board Member Says Buffett's Designated Successor Has Full Backing

The Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B) annual shareholders meeting returns to Omaha, Nebraska this weekend after two years of virtual-only meetings. The annual event kickstarts at 9:45 a.m. EDT Saturday.

Ahead of the event, a close confidante of the investment holding company's long-standing chairman and chief executive officer Warren Buffett swore allegiance to the billionaire investor's handpicked successor.

What Happened: Greg Abel, who was chosen by Buffett as his successor, has the full backing of Berkshire's board, Ronald Olson said at the Berkshire System Summit hosted by the University of Nebraska, Reuters reported.

"He has the total confidence not only of Warren, but the board," Olson reportedly said.

The Berkshire Hathaway director also praised Abel's management skills and also the relationships he has built with the company's non-insurance subsidiaries.

Abel is serving as vice chairman of Berkshire Hathaway's non-insurance business.

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Why It's Important: Buffett, 91, has reiterated that he is healthy enough to handle business affairs.

Shareholders are heaping pressure on Buffett to relinquish his chairman role. Recently, California Public Employees' Retirement System, the largest state pension fund, said in a recent filing it would vote in favor of a proposal brought by a minority shareholder to amend the bylaws to make an independent member the chair of the board.

BRK-A Price Action: Class A Berkshire shares were down 1.29% at $492,582 late Friday morning. 

Related Link: 5 People Richer Than Warren Buffett (For Now)

Greg Abel. Screenshot via Yahoo Finance.