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Charlie Munger, vice chair of Berkshire Hathaway and second-in-command to Warren Buffett, is dead at 99. With Munger's death, Greg Abel may have a closer working relationship with Buffett. AdvertisementCharlie Munger, also known as Warren Buffett's right-hand man, died Tuesday at 99 — leaving open the role of vice chair of Berkshire Hathaway. Munger served as the 93-year-old Buffett's second-in-command for years, amassing a net worth of nearly $2.3 billion while overseeing Berkshire Hathaway. He was named CEO of MidAmerican — now Berkshire Hathaway Energy — in 2008 and was named vice chairman of non-insurance operations for all of Berkshire Hathaway in 2018, securing himself a role on the conglomerate's board of directors that same year.
Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett, Greg Abel, Buffett, Abel, , Warren Buffett's, Munger, Greg, He's, Warren, CalEngery, MidAmerican, Pat Egan, Egan, Troy Bader, Bader Organizations: Service, Berkshire, Berkshire Hathaway Energy, doer, PricewaterhouseCoopers, Dairy Locations: Berkshire, Canadian, MidAmerican —, Omaha
Warren Buffett's Berkshire Hathaway faces inflation, higher interest rates, and tighter credit. Its subsidiaries are also seeing signs that their customers, suppliers, and partners are being pinched by higher prices, steeper interest rates on their debts, and perhaps even reduced access to credit. "You just kind of have to take it," Egan said about some of the higher costs. Moreover, longstanding suppliers who refrained from passing on their higher costs to See's in 2021 have been forced to charge it more. The fast-food chain's franchisees face much higher costs for equipment, building materials, and construction work than they did a few years ago.
Watch CNBC's full interview with Dairy Queen CEO Troy Bader
  + stars: | 2023-05-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Dairy Queen CEO Troy BaderDairy Queen CEO Troy Bader joins CNBC's Becky Quick at the Berkshire Hathaway annual meeting to talk the impact of inflation, franchise growth, and the price of Dilly Bars.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDairy Queen CEO Troy Bader: Pricing has jumped 11% over two years due to inflationDairy Queen CEO Troy Bader joins CNBC's Becky Quick at the Berkshire Hathaway annual meeting to discuss the impact of inflation, franchise growth, and more.
Warren Buffett's Berkshire Hathaway acquired Dairy Queen for nearly $600 million in 1998. Dairy Queen CEO Troy Bader told Insider that Berkshire's ownership lets him invest for the long run. Bader explained how Dairy Queen has dealt with the pandemic, inflation, and new customer demands. "What he feels is really what we see with so many of our customers, who have this different connection with Dairy Queen." Higher prices, less moneyInflation is dealing a one-two punch to Dairy Queen by raising its costs and squeezing its customers, Bader said.
See's Candies President and CEO Pat Egan, speaks to Fox Business reporter Liz Claman about Warren Buffett's favorite See's product, Peanut Brittle, during the Berkshire Hathaway shareholders meeting, on Friday, April 29. Berkshire-owned See's Candies and Dairy Queen both had popular booths on the exhibit floor. "People need their candy," said See's Candies president and CEO Pat Egan. He added that higher labor and equipment costs are a challenge for Dairy Queen franchisees too. But Bader said Dairy Queen franchise operators have to "thread the needle" because the chain doesn't want to lose customers.
Persons: Pat Egan, Liz Claman, Warren Buffett's, John Peterson, Berkshire Hathaway, Egan, See's, Troy Bader, Bader Organizations: Fox Business, Berkshire Hathaway, Berkshire, Dairy, Dairy Queen Locations: America
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