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Warren Buffett names Greg Abel as likely successor at Berkshire Hathaway

Greg Abel has long been seen as the most likely candidate to succeed Buffett given the former's age and post. Abel oversees all non-insurance businesses at Berkshire Hathaway

Warren Buffett names Greg Abel as likely successor at Berkshire Hathaway

Warren Buffett has been serving as the Chairman and CEO of Berkshire Hathway for the past five decades

Berkshire Hathaway CEO and one of the world's richest men Warren Buffett stated on Monday that if he were to step down from his post then Greb Abel is likely to be his successor. Abel, 53, currently serves as the Vice Chairman of non-insurance businesses at Berkshire Hathaway. The firm's board agrees that he would take over if anything were to happen to the 90-year-old CEO, Warren Buffet told CNBC.

Ajit Jain, the 69-year-old who runs the insurance business at Berkshire Hathaway, was also viewed as a potential candidate but age was a determining factor in the selection, according to Buffett. "They're both wonderful guys," Buffett told CNBC. "The likelihood of someone having a 20-year runway, though, makes a real difference," the 90-year-old billionaire added.

Berkshire Vice Chairman Charlie Munger had made a remark during Saturday's annual meeting which triggered speculation about Abel being chosen as the successor to Buffett.

In the meeting, Buffett was discussing how decentralisation wouldn't work everywhere as it requires a certain type of culture. To this Munger responded, "Yeah, but we do". He added, "And Greg will keep the culture."

Abel has long been seen as the most likely candidate to succeed Buffett given the former's age and post. Abel oversees all non-insurance businesses at Berkshire Hathaway.

"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 the news channel. "We've always at Berkshire had basically a unanimous agreement as to who should take over the next day," he added.

Warren Buffett has been serving as the Chairman and CEO of Berkshire Hathway for the past five decades.

(Edited by Mohammad Haaris Beg)

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