Oracle’s Oracle has named him his successor, and he is clearly known as his successor, born and raised in Edmonton.
The company revealed over the weekend that Berkshire Hathaway vice president Greg Abel will be the next CEO of the company as founder Warren Buffett is no longer on the job.
Buffett has no plans to step down at any time, so the news agency has not revealed some immediate changes.
But Berkshire’s second-in-command, Charlie Munger, slipped by the weekend into a plan to have Abel become the next CEO of the empire, which began in 1962 when he bought shares in an Omaha, Nebraska-based textile factory based in Nebraska. Holding company for an investment firm with nearly $ 900 billion in assets.
Buffett confirmed the plan in an interview with the US financial news channel CNBC on Monday.
During an exchange at the annual meeting over the weekend about the importance of preserving Berkshire’s culture in the future, Buffett said Berkshire’s highly decentralized operating model company would not function if it did not have the right culture.
The 96-year-old Munger replied: “But we do, Greg will keep the culture.”
Buffett, 90, told CNBC that if anything happened to him, Abel would take the lead.
“If anything happens to me tonight, the directors agree that Greg will be responsible tomorrow morning,” Buffett told CNBC.
Abel was born in Edmonton, Alta, on June 1, 1962, at the age of 59. He holds a degree in Business from the University of Alberta and is an accountant by training. He heads a part of Berkshire’s business that is uninsured.
The next plan for Berkshire has never been made public, although Buffett has long said it plans to split the role it currently plays into: one person to handle operations in Berkshire and related companies, deciding how to allocate capital to them. The second job is to manage and select the shares that will be traded publicly for the company to buy, and the third will be the stock board chairman.
The second management role will go to 69-year-old Ajit Jain, who heads Ziko and other insurance businesses.
Buffett’s eldest son Howard Buffett, who already serves on Berkshire’s board, is likely to become the company’s next president.