Warren Buffett Names Greg Abel as His Likely Successor at Berkshire Hathaway

“If something were to happen to me tonight, it would be Greg who’d take over tomorrow morning.”

By
Tech 
2,076 Hypes 2 Comments

At Berkshire Hathaway‘s annual meeting, the looming question of who will be the next CEO of the company was officially answered.

Over the weekend, the company was posed with inquiries regarding its management. 97-year-old Charlie Munger, Berkshire Vice Chairman explained in a comment that the company’s decentralized nature would likely outlast him and Warren Buffett, alluding to a takeover by Greg Abel down the line. To many shareholders and those paying attention to the annual meeting, it signaled that the top job would evidently go to current Vice Chairman Greg Abel when the 90-year-old Chairman and CEO, Buffett is no longer in charge. Abel currently runs all of the company’s non-insurance operations.

Buffett reveals to 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.” He continues to praise both Abel and Vice-Chairman Ajit Jain, who in turn, runs all of Berkshire’s insurance operations. Buffett adds, “If, heaven forbid, anything happened to Greg tonight then it would be Ajit. They’re both wonderful guys. The likelihood of someone having a 20-year runway though makes a real difference.”

For almost two decades, the question of succession at Berkshire Hathaway has been a source of speculation. Many thought David Sokol would be the assumed successor, however, he left the company in 2011 after he took a $10 million USD stake in chemical company, Lubrizol. Buffett acknowledges the years of speculation clarifying that, “We’ve always at Berkshire had basically a unanimous agreement as to who should take over the next day. The world’s paying more attention now.”

In other tech business news, Verizon is selling Yahoo and AOL for $5 billion USD to private equity firm, Apollo Global Management.

Read Full Article

What to Read Next

Warren Buffet Just Made It Into the $100 Billion USD Club
Tech 

Warren Buffet Just Made It Into the $100 Billion USD Club

Joining the ranks of Elon Musk, Jeff Bezos and Bill Gates.

Elon Musk Is Now Worth More Than Warren Buffett
Automotive 

Elon Musk Is Now Worth More Than Warren Buffett

Thanks to Tesla’s all-time high stock price.

Apple Launches "Warren Buffett's Paper Wizard" Free Downloadable Game
Tech

Apple Launches "Warren Buffett's Paper Wizard" Free Downloadable Game

Following the billionaire’s humble beginnings.


Bernard Arnault Surpasses Warren Buffet as World's Third Wealthiest Person
Fashion

Bernard Arnault Surpasses Warren Buffet as World's Third Wealthiest Person

With a net worth of $83.1 billon USD.

Wilt Chamberlain's Warriors Jersey To Sell on Memorabilia Stock Market at $1.2 Million USD
Sports

Wilt Chamberlain's Warriors Jersey To Sell on Memorabilia Stock Market at $1.2 Million USD

Worn when named NBA Rookie of the Year in the ’50s.

Frito-Lay's New Doritos Xxtra Nacho Flavor Goes Toe-to-Toe With Cheetos Flamin' Hot Pepper Puffs
Food & Beverage

Frito-Lay's New Doritos Xxtra Nacho Flavor Goes Toe-to-Toe With Cheetos Flamin' Hot Pepper Puffs

Get the milk ready.

Bill and Melinda Gates Have Filed for Divorce After 27 Years of Marriage
Entertainment

Bill and Melinda Gates Have Filed for Divorce After 27 Years of Marriage

The two will continue their philanthropic work together.


Red Hot Chili Peppers Sells Catalog to Hipgnosis for Upwards of $140 Million USD
Music

Red Hot Chili Peppers Sells Catalog to Hipgnosis for Upwards of $140 Million USD

Hipgnosis has previously acquired catalogs by Timbaland, RZA, Shakira and more.

Carhartt WIP and Sun Buddies Prepare Exclusive Eyewear Collection
Fashion

Carhartt WIP and Sun Buddies Prepare Exclusive Eyewear Collection

Six new versions of the Swedish label’s frames.

Angry Miao Releases World's First Organically-Shaped Split Metal Keyboard
Tech

Angry Miao Releases World's First Organically-Shaped Split Metal Keyboard

Inspired by ‘Westworld.’

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.