Berkshire’s New CEO Restarts Buybacks, Buys $15M Stock and Sells Kraft Heinz Stake
New Berkshire Hathaway CEO Greg Abel restarted the company’s stock buyback program and personally purchased $15 million of shares as his first major move. He also sold Berkshire’s $7.9 billion Kraft Heinz position and signaled potential cuts in Occidental, Bank of America and Chevron ahead of Q1 filings.
1. Buyback Resumption and Personal Purchase
Greg Abel formally resumed Berkshire Hathaway’s share repurchase program that had been paused under the previous CEO and immediately demonstrated confidence by buying $15 million of the company’s stock in the open market.
2. Sale of Kraft Heinz Position
In his inaugural shareholder letter, Abel criticized the underperformance of the firm’s stake in Kraft Heinz and executed a sale of the $7.9 billion position, removing it from the conglomerate’s top 10 holdings.
3. Potential Portfolio Shifts
Abel’s commentary flagged possible reductions in exposure to Occidental Petroleum, Bank of America and Chevron, with investors awaiting the first-quarter 13F filing for further insight into Berkshire’s evolving equity portfolio.