Warren Buffett reveals who will be his successor in Berkshire Hathaway and ends more than 15 years of speculation

Warren Buffett reveals who will be his successor in Berkshire Hathaway and ends more than 15 years of speculation

Published:

May 3, 2021 16:42 GMT

Buffett, 90, has not publicly announced his intention to resign, and speculation about his successor began in earnest in 2006.

Warren Buffett, CEO of Berkshire Hathaway Holdings USA, has revealed who will succeed him if needed. In this way, the businessman put an end to more than 15 years of speculation about who would replace him.

“If anything happened to me tonight, it would be Greg [Abel] The legendary investor told the channel, “Who will take over tomorrow morning?” CNBC.

Greg Abel has been the company’s vice president of non-insurance operations since January 2018 and is CEO of the energy provider Berkshire Hathaway Energy, which is 90% owned by Berkshire Hathaway.

According to Buffett, if something were to happen to Apple, the new CEO would be Ajit Jin, vice president of insurance business in Berkshire. In this regard, the American philanthropist explained that the age of both candidates was specified in his decision. Abel is 59 years old while Ajit is 69. “They are both great guys. However, the prospect of having someone on a runway for 20 years makes a huge difference,” he said.

Buffett, the 90-year-old, has not publicly announced his intention to resign, and speculation about his successor began in earnest in 2006 when he discussed it in his annual letter to the company’s shareholders. According to the agency ReutersOther aspects of Berkshire’s succession plans have not changed. Buffett’s son Howard is expected to become a non-executive chairman, while investment directors Tod Combs and Ted Wechler are close to becoming investment managers.

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