This archive report was first published on 4 May 2021.
Warren Buffett, the world's most successful investor, has confirmed that Greg Abel will succeed him as chief executive of Berkshire Hathaway, a $628 billion investment juggernaut he built from a failing textile maker.
Although he is 90 years old, Mr Buffett has given no indication he plans to step down, but there has been speculation for more than a decade about who will succeed him.
Mr Buffett told CNBC, "The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning."
Mr Abel, a Canadian, has been a vice-chairman since 2018, overseeing Berkshire Hathaway's non-insurance businesses, including its energy unit, which he helped build into a major US power provider.
At 58 years old, Mr Abel is a decade younger than Ajit Jain, another well-regarded contender for the job, who had overseen Berkshire's insurance businesses.
Mr Buffett told CNBC that Abel's relative youth was significant, saying, "The likelihood of someone having a 20-year runway though makes a real difference."
Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell, and restaurant chain Dairy Queen, and has major stakes in Apple, Coca Cola, Bank of America, and American Express, among others.
