90-year-old Warren Buffett has finally publicly revealed the identity of his successor at the helm of Berkshire Hathaway.
The next head of giant US financial holding firm Berkshire Hathaway will be named Greg Abel, billionaire Warren Buffett told CNBC on Monday, ending year-long suspense over his successor.
“The leaders agree that if something were to happen to me tonight, Greg would be in charge tomorrow morning,” said Warren Buffett, the sixth-largest fortune in the world with $ 103.7 billion according to the TV channel. Forbes ranking.
Some clues in this direction had emerged from the general meeting of shareholders of the company during the weekend in the company of his friend and lifelong business partner Charles Munger, without being able to conclude that it would be a question of a formal succession.
The American businessman, nicknamed “the Oracle of Omaha,” adds that Ajit Jain, currently the group’s insurance director, would take the reins in the event of Mr. Abel’s incapacity.
Warren Buffett, 90, thus puts an end to the suspense that had lasted for years on his next replacement at the head of Berkshire Hathaway, the billionaire’s conglomerate which oversees some sixty companies, including the American insurer Geico and the manufacturer of Duracell batteries.
The billionaire, born August 30, 1930, in Omaha (Nebraska), into a middle-class family, is a highly respected leader, having at the same time succeeded in developing, thanks to cleverly orchestrated communication and accessible personality.
In fifty years, the remarried father of three transformed Berkshire Hathaway into a conglomerate worth more than 640 billion dollars. He became famous thanks to his financial investments in blue-chip stocks.
He is also committed to giving most of his fortune to charity, including the foundation of his friend Bill Gates with whom he enjoys playing bridge. A promise since followed by many American billionaires.
Greg Abel and Ajit Jain were regularly cited as potential successors to the conglomerate head and are far from unknown to the group.
Canadian Greg Abel joined the company in 1992 in its energy division and, for more than three years, has headed all non-insurance activities.
Indian-American Ajit Jain joined Berkshire in 1986 in the insurance business he currently heads.
Berkshire Hathaway shares were up 1.44% on Wall Street around 11:00 a.m.