When Buffett is gone, Abel will take over at Berkshire

Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO, according to a report

OMAHA, Neb. -- Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO, according to a report. Buffett confirmed the succession plan Monday to CNBC after Berkshire Vice Chairman Charlie Munger let slip the plan during during the company's annual meeting on Saturday. Buffett did not immediately respond Monday to questions from The Associated Press about the plan. The 90-year-old Buffett told CNBC that if anything happened to him, Abel would be the one to take the top post. He also said that Vice Chairman Ajit Jain would succeed Abel, who currently oversees all of Berkshire's non-insurance companies while Jain oversees Geico and all of Berkshire's other insurance units. During an exchange at the annual meeting about the importance of protecting Berkshire's culture in the future Buffett said Berkshire's extremely decentralized operating model won't work unless the company has the right culture.