This remark appears to confirm years of speculation that Abel will be Buffett’s successor, although the election has already narrowed down two candidates: Abel and Ajit Jain, the vice president, who heads the insurance business in Berkshire.
Munger’s observation was not confirmed throughout the weekend, A. CNBC Today, however, he has reached out to Buffett and members of the Berkshire Board of Directors, and it has now been confirmed that the scenario described by Munger is in line with the current position of the Berkshire Board of Directors.
The board agrees that if something happens to me tonight, Gregg will be the one to take charge tomorrow morning.
For a long time, many assumed David Sokol would be Buffett’s logical successor, who had previously led MidAmerican ENergy (now Berkshire Hathaway Energy) and Berkshire’s NetJets. However, he suddenly left the company in 2011 after news emerged that he had bought a $ 10 million stake in chemical company Lubrizol before recommending it to Berkshire as a potential purchase.
There have been rumors circulating in recent years that Abel will likely take over Buffett if he decides to retire. As Munger said Saturday, they believe Abel will help preserve Berkshire’s unique culture.
Cover photo: Daniel Acker / Bloomberg via Getty Images
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