Warren Buffett says Greg Abel is his likely successor as Berkshire Hathaway CEO

• Billionaire Warren Buffett told CNBC that his likely successor as Berkshire Hathaway's CEO will be Greg Abel.
• Abel, 59, serves as vice chairman of the conglomerate's non-insurance operations.
• Buffett made the confirmation following remarks by vice chairman Charlie Munger during the company's annual meeting Saturday.

Berkshire Hathaway's Greg Abel, who serves as the conglomerate's vice chairman of its non-insurance business, would be the executive tapped to become Warren Buffett's successor in the role of CEO, CNBC reported 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 told CNBC.

The confirmation followed a comment made by Berkshire vice chairman Charlie Munger during a Q&A session at the company's annual meeting on Saturday.

"Greg will keep the culture," he said, in responding to a question about whether the company would become be too complex to manage. Munger, 97, said Berkshire's decentralized nature would outlast him and Buffett, the report said.

Abel and vice chairman Ajit Jain, who oversees Berkshire's insurance operations, have been widely considered as the top candidates to succeed Buffett, 90, when he relinquishes the reins. Both were promoted to vice chairmen in 2018.

"If, heaven forbid, anything happened to Greg tonight then it would be Ajit," said Buffett, according to the CNBC report, adding that Buffett said age is a determining factor for Berkshire's board. Abel is 59 and Jain is 69.

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