Investor Warren Buffett names Berkshire Hathaway successor – KBC


Investor Warren Buffett has confirmed that Berkshire Hathaway vice-chairman Greg Abel will succeed him as chief executive.

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Mr. Buffett created Berkshire Hathaway from a clothing manufacturer who failed to become a $ 628bn (£ 452bn) juggernaut.

Although he is 90 years old, Mr Buffett has not given any indication that he plans to step down.

However, there have been rumors for more than a decade about who will succeed him.
“The directors agree that if anything happened to me tonight, it would be Greg who would take it tomorrow morning,” Mr Buffett confirmed to CNBC.

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Mr Abel helped build the Berkshire Hathaway energy unit as America’s largest service provider.

Since 2018, the Canadian has been vice-chairman, overseeing Berkshire Hathaway non-insurance business.

Vice-chairman Charlie Munger may have given the company’s hand unfortunately at the annual Berkshire Hathaway annual conference over the weekend.

While answering questions about the company’s divided business model, Mr Munger emphasized its importance and said, “Greg will keep the culture.”

Mr Munger did not name Ajit Jain, another well-regarded opponent of the profession who was overseeing the Berkshire insurance business.

Mr. Jain’s age seems to have played a role in that decision.

At the age of 58, Mr Abel is a decade younger than Mr Jain, and Mr Buffett told CNBC that Abel’s relatives were important.

“The possibility of someone having a 20-year-old airport even though it makes a real difference,” he said.

Member of an exclusive club

Mr. Buffett is the world’s most successful investor.

Berkshire Hathaway owns more than 60 companies, including insurance Geico, battery maker Duracell and the Queen’s Dairy restaurant chain.

It also has major stakes in Apple, Coca Cola, Bank of America and American Express, among others.

In March, Mr Buffett joined a special club for $ 100bn (£ 72bn) after Berkshire Hathaway shares reached record levels.

Microsoft founder Bill Gates, Amazon founder Jeff Bezos and Tesla chief executive Elon Musk also approved the move.

Mr. Buffett has donated billions of his wealth.

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