Warren Buffet said that Berkshire’s vice chairman of non-insurance businesses, Greg Abel will take over Berkshire Hathaway when he steps down.
Warren Buffett, the founder of Berkshire Hathaway, has finally revealed the name of the person who will succeed him when he is no longer the CEO of the company. Buffet said that Berkshire’s vice chairman of non-insurance businesses, Greg Abel will take his position when he steps down.
The announcement was made by Berkshire Vice Chairman Charlie Munger at Berkshire Hathaway’s annual general meeting. He replied to a question about Buffett’s succession saying that “Greg will keep the culture.”
Buffett names Greg Abel as his successor
Later, Buffett told CNBC that “the directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.” Further, Buffet also revealed that in case anything happened to Greg, Vice Chairman Ajit Jain will take the charge.
“If, heaven forbid, anything happened to Greg tonight then it would be Ajit,” said Buffett.
He explained that age is a determining factor for the board. While Abel is 59, Jain is 69 years old. Praising both of them, Buffett said they are both “wonderful guys” and added that “the likelihood of someone having a 20-year runway though makes a real difference.”
Berkshire Hathaway is a multi-billion-dollar investment firm owned and run by legendary investor Buffett. For years, there has been mystery surrounding Buffett’s successor with many speculating that David Sokol, who helmed both MidAmerican Energy, and NetJets, would take over. But Sokol left Berkshire in 2011 and later Ajit Jain was viewed as a potential pick given Buffett’s praise of him.
Who is Greg Abel
Greg Abel is chairman and CEO of Berkshire Hathaway Energy and vice-chairman of non-insurance operations of Berkshire Hathaway since January 2018. Abel, as well as Jain, were both named vice chairmen in 2018 in promotions that Buffett said at the time were part of the “movement toward succession.” Abel previously led Berkshire’s sprawling energy empire and rose to prominence at Berkshire as a key manager of its energy operation. The Canadian businessman has an even wider mandate as he holds roles as a board member at Kraft Heinz Co.
Courtesy : republicworld