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Warren Buffett says Greg Abel is his likely successor as Berkshire Hathaway CEO (BRK.B)

Published by Business Insider on Mon, 03 May 2021

<p><img src="https://static3.businessinsider.com/image/608fee7a34af8d001859a7d5-1761/AP342823547334.jpg" border="0" alt="AP342823547334" data-mce-source="Greg Abel, in this April 30, 2010 photo, is seen in Omaha, Neb. Vice Chairman Charlie Munger added his own letter this year, and predicted that Berkshire will be fine once he and Warren Buffett are gone because of the management talent it already has. Munger singled out reinsurance executive Jain and Berkshire Hathaway Energy CEO Greg Abel as two Berkshire executives who could succeed Buffett one day. (" data-mce-caption="Greg Abel of Berkshire Hathaway"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathawa</a>y's Greg Abel, who serves as the conglomerate's vice chairman of its non-insurance business, would be the executive tapped to become Warren Buffett's successor in the role of CEO, <a href="https://www.cnbc.com/2021/05/03/when-warren-buffett-eventually-steps-down-as-berkshire-hathaway-ceo-greg-abel-will-succeed-him.html">CNBC reported Monday</a>.&nbsp;</p><p>"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 CNBC.</p><p>The confirmation followed a comment made by Berkshire vice chairman <a href="https://www.cnbc.com/charlie-munger/">Charlie Munger</a> during a Q&amp;A session at the company's annual meeting on Saturday.</p><p>"Greg will keep the culture," he said, in responding to a question about whether the company would become be too complex to manage. Munger, 97, said Berkshire's decentralized nature would outlast him and Buffett, the report said.</p><p>Abel and vice chairman Ajit Jain, who oversees Berkshire's insurance operations, have been widely considered as the top candidates to succeed Buffett, 90, when he relinquishes the reins. Both were promoted to vice chairmen in 2018.&nbsp;</p><p><picture data-test="Picture"><source srcset="https://image.cnbcfm.com/api/v1/image/106877159-1620040502728-106877159-1620035130509-gregabel-1.jpg'v=1620040519&amp;w=740&amp;h=416" media="(min-width: 1340px)"><source srcset="https://image.cnbcfm.com/api/v1/image/106877159-1620040502728-106877159-1620035130509-gregabel-1.jpg'v=1620040519&amp;w=630&amp;h=354" media="(min-width: 1020px)"><source srcset="https://image.cnbcfm.com/api/v1/image/106877159-1620040502728-106877159-1620035130509-gregabel-1.jpg'v=1620040519&amp;w=900&amp;h=506" media="(min-width: 760px)"></picture></p><p>"If, heaven forbid, anything happened to Greg tonight then it would be Ajit," said Buffett, according to the CNBC report, adding that Buffett said age is a determining factor for Berkshire's board. Abel is 59 and Jain is 69.&nbsp;</p><p><a href="https://markets.businessinsider.com/news/stocks/warren-buffett-successor-berkshire-hathaway-greg-abel-ceo-charlie-munger-2021-5-1030378914#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/hm-zara-uniqlo-fast-fashion-spend-money-clothes-2019-1">Sneaky ways stores like H&M, Zara, and Uniqlo get you to spend more money on clothes</a></p>
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