Warren Buffett Names Greg Abel as Successor
Berkshire Hathaway's Vice Chairman to Take Over Once Buffett Retires
Berkshire Hathaway Inc. (BRK.A, BRK.B) Chairman and CEO Warren Buffett announced on Monday that Gregory Abel, the company's 59-year-old vice chairman, will succeed him as CEO. Buffett, who is 90 years old, has led Berkshire Hathaway for more than six decades and is considered one of the most successful investors in history. Abel will take over all major investment and capital allocation decisions, while Vice Chairman Ajit Jain will continue to oversee insurance operations.
Buffett said in a statement that Abel "has the intellect, judgment, and leadership to succeed me." He added that Abel "has been my right-hand man for many years" and that he has "complete confidence" in him.
Abel joined Berkshire Hathaway in 1992 and has held various leadership positions within the company. He has been vice chairman since 2018. Abel is a graduate of Stanford University and Harvard Business School.
Buffett's announcement comes as Berkshire Hathaway prepares for the future. Buffett has said that he plans to retire eventually, but he has not given a specific timeline for his departure. The company has a long history of succession planning, and Buffett has said that he is confident that Berkshire Hathaway will continue to be successful after he steps down.
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