OMAHA, Nebraska: Berkshire Hathaway's annual shareholder meeting entered a new era on Saturday as CEO Greg Abel led the event for the first time, drawing a smaller crowd and a more business-focused tone than in years past under Warren Buffett.

Attendance was noticeably lower, with the arena only a little over half full compared with previous years when more than 40,000 shareholders gathered to hear Buffett and his longtime partner, Charlie Munger, who died in 2023. Buffett, now 95, stepped down as CEO in January but remains chairman and made brief remarks during the meeting.

The event opened with a video tribute to Buffett and Berkshire's history, including footage of the standing ovation he received last year after announcing his departure. Abel marked the transition symbolically by "retiring jerseys" bearing Buffett's and Munger's names.

Buffett praised his successor and highlighted the company's investment in Apple, noting its growth from US$35 billion to $185 billion in value under CEO Tim Cook. "Greg is doing everything I did and then some," Buffett said.

Abel, who has worked alongside Buffett for years, used the meeting to focus on Berkshire's operations. The conglomerate owns a wide range of businesses, including insurer Geico, utility PacifiCorp, BNSF railroad, and numerous manufacturing and retail companies.

Investors expect fewer jokes and more detail under Abel's leadership. "Sadly, we miss Warren and Charlie and that show, which was fun, but it's a business meeting for a lot of us," said Chris Bloomstran of Semper Augustus Investments Group.

Abel emphasized continuity, stressing that Berkshire's long-standing approach to capital allocation would remain unchanged. "One of our greatest strengths at Berkshire is patience and being disciplined at allocating our capital," he said. "We're not anxious to deploy capital into subpar opportunities."

He also highlighted the use of artificial intelligence across Berkshire's businesses to improve efficiency, while reaffirming that the company would not rush to invest its nearly $400 billion cash pile.

Vice Chairman Ajit Jain said the company would consider insuring ships passing through the Strait of Hormuz, but only under the right conditions. "The short answer is it depends on the price," he said.

The transition has been gradual. Abel has been with Berkshire for over 25 years and already managed its non-insurance operations before becoming CEO. Executives across its subsidiaries said little has changed operationally, aside from reporting lines.

"I think this is a very deeply rooted culture that Warren has created," said Dan Sheridan, CEO of Brooks Running, adding that the transition would continue to reflect those values.

Buffett's continued presence as chairman offers stability during the shift. "Berkshire is as strong today as it's ever been and Warren is still part of it," said Dairy Queen CEO Troy Bader.

Financially, Berkshire reported strong results, with first-quarter profit more than doubling to $10.1 billion. Its cash reserves rose to $397.4 billion, while most business segments posted improved earnings.