Warren Buffett, the founder of Berkshire Hathaway, said that Greg Abel, Berkshire’s vice chairman of non-insurance businesses, would most likely succeed him if he stepped down.
Buffett told CNBC that the board was in agreement that the 58-year-old would be the most likely successor at the company if anything were to happen to him, Bloomberg reported.
Within the company, decisions regarding succession remained as a closely guarded secret. The firm has assured investors that a plan is in place.
As per the report, Ajit Jain was also often viewed as a potential pick given Buffett’s praise of the Berkshire vice chairman, who runs the insurance businesses.
The development comes after Berkshire Hathaway's annual general meeting in which company's vice chairman Charlie Munger made a remark that stoked speculation that Abel could be the chosen successor.
Abel has long been seen as the most likely candidate to replace Buffett, given his age and his wide remit overseeing all the non-insurance businesses at Berkshire.
Buffett's comments cements the view that Abel would take over from him, after spending nearly five decades at the helm.
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