Millions of viewers watching the Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) annual meeting over the weekend were able to learn who will take over the company as Warren Buffett’s successor.
Berkshire Hathaway Vice Chairman Charlie Munger accidently revealed the news when asked a question referring to the firm’s future. “Greg will keep the culture,” Munger said — referring to Greg Abel, Berkshire Hathaway vice chairman of non-insurance operations.
Who is Abel, and why will he become the Warren Buffett successor? Let’s take a closer look.
5 Things to Know About Greg Abel, Warren Buffett’s Successor
- Along with his role within the company, Abel is also the chairman of Berkshire Hathaway Energy.
- He has been in this role since January 2018, and has been a member of the Berkshire Hathaway board of directors since.
- Overall, Abel has been on the board of Berkshire Hathaway Energy since 2000.
- He served as CEO of that company from 2008-2018 and president from 1998-2018.
- Abel initially joined Berkshire Hathaway Energy in 1992.
Moreover, Buffett confirmed this move to CNBC on Monday and also touched on the overall plan for his empire.
“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” he said. “…If, heaven forbid, anything happened to Greg tonight then it would be Ajit,” referring to Ajit Jain, vice chairman of insurance operations for Berkshire Hathaway.
The company’s stock was relatively unaffected by the Warren Buffett successor news.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.