Buffett Opens Shareholder Meeting with High Praise for Apple CEO Tim Cook
Warren Buffett invited outgoing Apple CEO Tim Cook to stand and receive applause during his opening remarks at the shareholder meeting. This sentiment echoes Berkshire's own succession – Buffett stepping down, with Greg Abel taking over as CEO.
Buffett spoke of the immense pressure Cook faced when taking over Apple and succeeding founder Steve Jobs, praising Cook for withstanding that pressure and delivering impressive results.
“Imagine having to follow in Steve Jobs’ footsteps and continue his brilliant achievements – it’s incredibly difficult. It’s a miracle in the history of American corporate management… Thank you, Tim.” Buffett’s speech was met with enthusiastic applause.
Cook announced his resignation as Apple CEO earlier this month, to be replaced by John Ternus, head of Apple’s hardware division.
“When Jobs passed away, we invested heavily in Apple, allocating nearly 10% of Berkshire’s assets to the company, and that trust was placed in Tim’s hands. Now, he has generated approximately $185 billion in pre-tax profits for us.”