Warren Buffett has confirmed Berkshire Hathaway vice -chairman Greg Abel will replace him as the company's Chief Executive Officer (CEO).
Buffett developed Berkshire Hathaway from a failed textile manufacturing firm into a large $ 628 billion investment company.
Despite being in his 90s, Buffett has given no indication that he will resign.
However, there has been speculation for more than a decade about a candidate who will replace him.
"The directors agreed that if anything happened to me tonight, Abel would take over tomorrow morning," Buffett told CNBC.
Abel helped develop the Berkshire Hathaway energy unit into a major United States (US) energy supplier.
Since 2018, Abel has been appointed vice chairman and overseer of Berkshire Hathaway’s non -insurance business.
Berkshire Hathaway owns more than 60 companies, including insurance company Geico, battery maker Duracell and restaurant chain Dairy Queen.
The firm also has major interests in Apple, Coca Cola, Bank of America and American Express as well as various other companies.
In March, Buffett joined a US $ 100 billion exclusive club after Berkshire Hathaway shares broke record highs.
