Warren Buffett Reaffirms Greg Abel As Berkshire Hathaway Heir

Over the weekend, Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett reiterated that the company's vice chairman for non-insurance operations, Greg Abel, will be his successor. 

During the company's annual shareholder meeting on Saturday, Buffett said that he was "100% comfortable" with his decision and indicated that the transition would largely be business as usual, reported Bloomberg. 

"Greg understands capital allocation as well as I do. That's lucky for us," Buffett said during the meeting in Omaha, Nebraska. "He will make those decisions, I think, very much in the same framework as I would make them. We have laid out that framework now for 30 years."

Last week, one of Berkshire's longest-serving directors, Ronald Olson, shared that Abel has the ability and commitment that makes him the ideal fit to lead the $700 billion-plus conglomerate, according to Reuters.

Olson said that the company's directors were satisfied that Abel, who was designated as Buffett's successor in 2021, could lead Berkshire.

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However, Olson noted that the transition would likely take a while, adding that Abel is still "a good number of years off" from taking over with Buffett and Vice Chairman Charlie Munger still on board.

"The bottom line is, not only is Warren satisfied, Charlie is satisfied that Greg will carry out that culture," Olson said. "On top of that, he has had a lot of knowledge. Very close to Warren, less so than Charlie, but enough." 

Since 2018, Abel has seen Berkshire's non-insurance businesses, including the BNSF railway and Berkshire Hathaway Energy. 

After Buffett departs, Berkshire is expected to name his eldest son Howard as non-executive chairman to preserve the company's culture, in which business units operate essentially without interference from the top, Reuters reported.

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