What you need to know about Greg Abel — Warren Buffett’s successor at

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Warren Buffett finally has an official successor at Berkshire Hathaway. On Monday, the 90-year-old investing icon put to rest years of speculation over who would eventually take the reins from him at Berkshire when he confirmed that Gregory Abel, 59, currently a vice chairman of the $640 billion company, is next in line to be its CEO."The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning, " Buffett told CNBC on Monday. So who is Greg Abel? Here are a few things to know about the person who is first in line to replace the Oracle of Omaha at Berkshire:Abel had been seen as one possible successor for Buffett, along with Ajit Jain, 69, since both men had been promoted to vice chairman roles at Berkshire in 2018. However, both Buffett and his longtime friend and business partner, Vice Chairman Charlie Munger, had been reluctant to actually confirm who would eventually step in once Buffett retires. Monday, Buffett told CNBC that Jain would be next in line after Abel, adding age was a factor in the company's decision, as younger Abel would likely have more time at the reins of the company. After promoting both Abel and Jain to their vice chairman roles, in 2018, Buffett lauded both executives. "They both have Berkshire in their blood. They love the company. They know their operations like the back of their hand, " Buffett said on CNBC at the time. Meanwhile, Munger has also praised both Abel and Jain, calling them "proven performers" while adding in a shareholder letter that "in some important ways, each is a better business executive than Buffett. "Check out: Meet the middle-aged millennial: Homeowner, debt-burdened and turning 403 investing lessons Warren Buffett shared at the 2021 Berkshire Hathaway meetingMeet the 2 men who may succeed Warren Buffett at Berkshire Hathaway
All data is taken from the source: http://cnbc.com
Article Link: https://www.cnbc.com/2021/05/03/who-is-greg-abel-warren-buffetts-successor-at-berkshire-hathaway.html
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