Buffett names Greg Abel as his likely successor at Berkshire

Warren Buffett, the 90-year-old Oracle of Ohama, told CNBC that 58-year-old Greg Abel would likely take over as chief of Berkshire Hathaway should anything happen to him.

Warren Buffett said Greg Abel, Berkshire Hathaway Inc.’s vice chairman of non-insurance businesses, would be his likely successor if the billionaire were to step down. The board agrees that Abel, 58, would take over if anything were to happen to the 90-year-old chief executive officer, Buffett told CNBC. Abel had been seen as the most likely candidate. Succession decisions had been a closely guarded secret at the conglomerate, even while the firm assured investors that it had a detailed plan in place. Ajit Jain, 69, was also often viewed as a potential pick given Buffett’s praise of the Berkshire vice chairman, who runs the insurance businesses. But age was a determining factor in the selection, according to Buffett.