Buffett to be replaced by Canadian vice-chairman Greg Abel
The Oracle of Omaha, Warren Buffet, has announced that Greg Abel, vice-chairman of Berkshire Hathaway, will succeed him as the company’s new chief executive.
Buffett, who built Berkshire Hathaway into a £452bn company, has not given an indication he will step down from his position, despite being 90 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.
Greg Abel was behind the growth of Berkshire Hathaway‘s energy unit into a major US power provider.
The Canadian has been vice-chairman at Berkshire, overseeing its non-insurance businesses since 2018.
Abel appears to have beat Ajit Jain to the post. Jain, who oversees, the company’s insurance business, was another contender for the role.
Buffett appeared to confirm that age may have been a factor in the decision making process.
At 58 years old, Abel is a decade younger than Jain, and Mr Buffett told CNBC that Abel’s relative youth was significant.
“The likelihood of someone having a 20-year runway though makes a real difference,” he said.
In March, Buffett joined an exclusive group of people worth $100bn (£72bn), as Berkshire Hathaway shares hit record highs.
Buffett has said he will give away more than 99% of his fortune, with the bulk going to the Bill and Melinda Gates Foundation.