Warren Buffett Names Non-insurance Exec as Likely Successor
Warren Buffett said Greg Abel, Berkshire Hathaway Inc.’s vice chairman of non-insurance businesses, would be his likely successor if the billionaire were to step down.
The board agrees that Abel, 58, would take over if anything were to happen to the 90-year-old chief executive officer, Buffett, chairman and CEO of Berkshire, told CNBC. Abel had been seen as the most likely candidate.
Succession decisions had been a closely guarded secret at the conglomerate, even while the firm assured investors that it had a detailed plan in place. Abel has long been seen as the most likely candidate to replace Buffett, given his age and his wide remit overseeing all the non-insurance businesses at the conglomerate. remains a huge topic for Berkshire, given the ages of Buffett and Berkshire Vice Chairman Charlie Munger and their importance in building the company into the more than $630 billion conglomerate it is today. Munger is 97 years old.
“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC. “We’ve always at Berkshire had basically a unanimous agreement as to who should take over the next day.”