by Tyler Durden
Monday, May 03, 2021 - 07:22 AM
An off-the-cuff comment made by Berkshire No. 2 Charlie Munger (who, at 97, is 7 years older than Buffett) during Saturday s annual meeting seized the attention of the financial press and Berkshire shareholders watching from a distance: If something were to happen to Buffett, Munger quipped, Berkshire Vice Chairman Greg Abel - who presently runs all Berkshire s non-insurance businesses - would be tapped to take over as CEO.
Greg Abel
The comment appeared to confirm years worth of speculation that Abel would be Buffett s successor, though the choice had been narrowed to two candidates: Abel, who runs the non-insurance business, and Vice Chairman Ajit Jain, who runs Berkshire s insurance businesses. Some pointed out that Jain appeared to have lost out to Abel, though only one exec could be expected to take the top job.
Warren Buffett Reveals Who Will Be His Successor Once He Leaves Though the billionaire investor has not announced any plans to step down, he acknowledged that he has a successor in mind.
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Email May 3, 2021 3 min read
Although billionaire investor Warren Buffett hasn t announced any plans to leave his post as CEO of Berkshire Hathaway anytime soon, he revealed who his most likely successor would be, according to
Last Saturday, the multinational conglomerate holding company held its annual meeting, during which one person asked whether it would grow too big to manage at some point. In response, vice chairman Greg Munger attempted to ease concerns and said that fellow vice chairman Greg Abel would ensure that Berkshire s culture would remain.
Warren Buffett says Greg Abel is his likely successor at Berkshire Hathaway -CNBC
By Jonathan Stempel
Reuters
(Reuters) -Warren Buffett ended years of speculation about succession at Berkshire Hathaway Inc by saying Greg Abel, who oversees its non-insurance businesses, would become chief executive officer if he were no longer in charge. 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, the station said on Monday. Buffett, 90, has never publicly signaled any plan to step down.
Abel, 58, has been a Berkshire vice chairman since 2018, after building its Berkshire Hathaway Energy unit into a major U.S. power provider. Many analysts and investors had viewed the Edmonton, Alberta native as Buffett s most likely successor.
Charlie Munger made a comment that, on the surface at least, wasn t all that surprising. Greg will keep the culture, the 97-year-old Munger said simply, explaining that the company s decentralized nature would outlast him and
Warren Buffett.
But that was enough to clue in some Berkshire watchers, who have been wondering about succession plans at the conglomerate once 90-year-old Chairman and CEO Buffett is no longer in charge. To many, it signaled the top job will go to Vice Chairman Greg Abel, who runs all of the noninsurance operations.
The impression was an accurate one, CNBC can confirm. 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 said. He praised Abel and Vice Chairman Ajit Jain, who runs all of Berkshire s insurance operations.
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