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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.
May 03 2021, 7:54 PM
May 03 2021, 3:56 PM
May 03 2021, 7:54 PM
(Bloomberg) Warren Buffett said Greg Abel, Berkshire Hathaway Inc.âs vice chairman of non-insurance businesses, would be his likely successor if the billionaire were to step down.
(Bloomberg) Warren Buffett said Greg Abel, Berkshire Hathaway Inc.âs 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 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. Ajit Jain, 69, was also often viewed as a potential pick given Buffettâs praise of the Berkshire vice chairman, who runs the insurance businesses. But age was a determining factor in the selection, according to
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.