Warren Buffett Reveals Who Will Be His Successor Once He Leaves Though the billionaire investor has not announced any plans to step down, he acknowledged that he has a successor in mind.

By Justin Chan

Although billionaire investor Warren Buffett hasn't announced any plans to leave his post as CEO of Berkshire Hathaway anytime soon, he revealed who his most likely successor would be, according to CNBC.

Last Saturday, the multinational conglomerate holding company held its annual meeting, during which one person asked whether it would grow too big to manage at some point. In response, vice chairman Greg Munger attempted to ease concerns and said that fellow vice chairman Greg Abel would ensure that Berkshire's culture would remain.

Related: Warren Buffett Says This Is the First Thing You Should Do With Your Stimulus Check

The answer appeared to suggest that the 59-year-old Abel, who runs all of the company's non-insurance operations, would be the most probable successor should the 90-year-old Buffett decide to step down.

CNBC confirmed those speculations on Monday.

"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 was quoted as saying.

In an interview with CNBC, Buffett lauded both Abel and 69-year-old vice chairman Ajit Jain — both of whom, alongside business executive David Sokol, were considered top candidates to replace Buffett. Jain currently oversees Berkshire's insurance operations. Sokol previously ran what was then MidAmerican Energy (now called Berkshire Hathaway Energy) and NetJets for Berkshire. He resigned from the company in 2011 after Berkshire learned that he had bought a $10 million stake in chemical company Lubrizol just before encouraging Berkshire to buy it.

According to Reuters, Abel has been praised for his commitment to Berkshire's culture and long-term thinking. The vice chairman graduated from the University of Alberta in 1984 and worked at PricewaterhouseCoopers and geothermal energy firm CalEnergy before joining MidAmerican Energy in 1992.

After Abel succeeded Sokol as head of MidAmerican in 2008, he went on to continue its growth by acquiring Nevada utility NV Energy and Alberta electric transmission company AltaLink. Abel also pushed to expand into renewable energy. He became vice chairman in 2018.

"Abel, of course, does not have the charisma, personality and reputation that Buffett built over decades, so he's not going to have that magnetism that Buffett has," David Kass, a professor of finance at the University of Maryland's Robert H. Smith School of Business, told Bloomberg. "But he exudes extreme competence and success. He has a very successful track record at Berkshire and I don't think shareholders can ask for anything more than that."

Justin Chan

Entrepreneur Staff

News Writer

Justin Chan is a news writer at Entrepreneur.com. Previously, he was a trending news editor at Verizon Media, where he covered entrepreneurship, lifestyle, pop culture, and tech. He was also an assistant web editor at Architectural Record, where he wrote on architecture, travel, and design. Chan has additionally written for Forbes, Reader's Digest, Time Out New YorkHuffPost, Complex, and Mic. He is a 2013 graduate of Columbia Journalism School, where he studied magazine journalism. Follow him on Twitter at @jchan1109.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

After a 12-Year-Old's Side Hustle Made Over $4,000 in 1 Day, He and His Dad Grew the Business to Nearly $50,000 a Month: 'It Takes Commitment'

Madden Forrest and his father, Steven, turned their passion for football into a lucrative business.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Here Are the 10 Highest-Paying Jobs For New Graduates With a Bachelor's Degree — and They All Start at Six Figures

According to a new report from Resume Genius, finding a high-paying job as a new grad is possible, even in this market.

Business Solutions

Streamline Your Workflow With This $30 Microsoft Office Professional Plus 2019 License

Outfit your PC with seven helpful apps thanks to this Microsoft Office Professional Plus 2019 for Windows license.

Side Hustle

Use This AI-Powered Platform to Turn Your Side Hustle into a Scalable Business

Turn a side hustle into something sustainable with Sellful's ERP White Label plan.

Business News

10 Surprising and Inspiring Quotes From Brian Wilson, the Genius Behind The Beach Boys' 'Pet Sounds'

The Beach Boys' Brian Wilson died this week at age 82, but his music is still blowing minds.