Investor Warren Buffett names Berkshire Hathaway successor
American business tycoon Warren Buffett has confirmed that Berkshire Hathaway’s vice-chairman, Greg Abel, will succeed him as chief executive.
Investor Buffett built Berkshire Hathaway from a failing textile maker into a $628bn (£452bn) investment juggernaut.
Although he is 90 years old, Buffett has given no indication he plans to step down.
Mr Abel helped build Berkshire Hathaway’s energy unit into a major US power provider.
Since 2018, the Canadian has been a vice-chairman, overseeing Berkshire Hathaway’s non-insurance businesses.
Member of an exclusive club
Mr Buffett is arguably the world’s most successful investor.
Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen.
It also has major stakes in Apple, Coca Cola, Bank of America and American Express, among others.