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Chair and CEO of Berkshire Hathaway and investor extraordinaire Warren Buffett has publicly named his successor should something have to happen to him
Buffett named Greg Abel, a Berkshire Hathaway vice chairman
While Buffett hasn t given an indication that he was relinquishing his time at the helm, analysts don t expect the 90-year-old to step down for at least five years
Replacing the irreplaceable Warren Buffett won’t be easy.
But that’s the path ahead for Greg Abel, a Berkshire Hathaway vice chairman who was publicly identified as the successor to America’s most renowned investor for the first time on Monday. Buffett said the 58-year-old executive will take over the $630 billion business when he steps down.
“They’re both wonderful guys,” Buffett, who has spent five decades at the helm, told CNBC. “The likelihood of someone having a 20-year runway, though, makes a real difference.”
Berkshire Hathaway vice chairman Charlie Munger, 97, made a remark at Saturday’s annual meeting that stoked speculation that Mr Abel was the chosen successor. Mr Buffett was talking about how decentralisation wouldn’t work everywhere because it requires a certain type of culture.
“Yeah, but we do,” Munger said. “And Greg will keep the culture.”
Mr Abel has long been seen as the most likely candidate to replace Mr Buffett, given his age and his wide remit overseeing all the non-insurance businesses at the conglomerate. He joined a predecessor company in 1992 and later became part of Berkshire when Buffett bought MidAmerican Energy Holdings in 2000.
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(Bloomberg) – Replacing the irreplaceable Warren Buffett won’t be easy.
But that’s the path ahead for Greg Abel, a Berkshire Hathaway vice chairman who was publicly identified as the successor to America’s most renowned investor for the first time on Monday. Buffett said the 58-year-old executive will take over the $630bn business when he steps down.
Abel’s more than two-decade track record at the conglomerate includes high-profile dealmaking and overseeing its sprawling non-insurance businesses, from the BNSF railroad to Dairy Queen. But Buffett’s aphorisms and stature as the Oracle of Omaha have earned him a reputation as the avuncular face of capitalism, and secured him a following that Abel may find hard to replicate.
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