What is known about Warren Buffett’s successor

by time news

Warren Buffett has run Berkshire Hathaway for over half a century. The name of his successor has long been one of the best-kept secrets of corporate America. In August, Buffett will turn 91, and his longtime partner Charlie Munger, who is vice president, is 97. Both are too old for the market not to care about who will lead the company if something happens. Now the answer is there.

At a Berkshire shareholder meeting on May 1, Munger accidentally blurted out. He was asked if the fund had become too large and complex to manage. “Greg will keep [корпоративную] culture, ”Munger reassured. He was referring to Vice President Greg Abel, who had spoken with them at the AGM last year and this year. Buffett then confirmed in an interview with CNBC, “If anything happens to me tonight, tomorrow morning Greg will take over. <...> If, God forbid, anything happens to Greg, Ajit will replace him. ” Abel is 59, and 10 years younger than number two, Vice President Ajit Jane. He is one of the youngest on the Berkshire Hathaway board of directors. Buffett admitted that the main reason for Abel’s favor was the age difference.

For Abel himself, there seemed to be no surprise. “We at Berkshire have always had a consensus about who will take over,” Buffett was quoted as saying by CNBC.

Where does Abel come from

Abel is an immigrant. He was born in 1962 and raised in Edmonton, Canada, where his father worked for Levitt Safety supplying fire and environmental equipment and eventually took over the company’s western business. “Greg is an absolute workaholic,” said one of his business partners (hereinafter quoted from The Globe and Mail). “He’s doing more every hour than anyone I’ve ever met.” Abel, according to him, owes this quality to his mother. When still very little Greg returned from kindergarten, she sat down to repeat with him everything that they learned that day with the teacher.

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