Get All Access for $5/mo

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 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.

Editor's Pick

Business News

Mark Cuban's Google Account Was Hacked By 'Sophisticated' Bad Actors

The "Shark Tank" star said someone "called and said I had an intruder and spoofed [Google's] recovery methods."

Starting a Business

5 Steps to Move Beyond Small Talk and Start the Business You've Always Dreamed of

Make your business idea a reality by following these five no-nonsense steps.

Business News

Target Teams Up With Shopify To Give Online Small Businesses Brick-and-Mortar Shelf Space

Target has an online Amazon competitor marketplace, and it's taking applications from small businesses now.

Science & Technology

How Generative AI Is Revolutionizing the Travel Industry

GenAI won't displace travel agents; instead, it will enhance their efficiency, enabling them to focus on crafting tailored experiences that resonate with travelers on a deeper level.

Business Solutions

Set Your PC-Using Employees Up with Windows 11 Pro for $25

This updated operating system features top-of-the-line security, AI support, and more.


Inflation's Next Victim Is Your Freedom — Here's Why

We get it… Most people are tired of hearing the same old story about how the American Dream is dead; however, there's a different, more bleak aspect to that reality that far too few people have yet to realize.