Warren Buffett: Greg Abel follows stock market legend at Berkshire Hathaway

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Investor Warren Buffett (2019): One of the richest men in the world

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JOHANNES EISELE / AFP

The successor to 90-year-old US star investor Warren Buffett at the helm of private equity firm Berkshire Hathaway has been confirmed.

"Management agrees that Greg (Abel, editor's note) would take the helm tomorrow morning if something happened to me tonight," Buffett told CNBC.

Abel is currently responsible for non-insurance business at Berkshire Hathaway.

The 59-year-old and insurance company Ajit Jain, 69, have been favorites to succeed Buffett since their promotion to the board of directors.

Buffett praised them equally, but referred to the age of the two managers in view of the decision.

Buffett, the stock market legend

Buffett is considered a legend on the stock market by investors because of his flair for successful companies.

Despite his old age, he doesn't think about quitting.

According to the business magazine "Forbes" Buffett is the sixth richest person in the world with a fortune of 103.7 billion dollars (around 86 billion euros).

There has been speculation for years about Buffett's successor as head of Berkshire Hathaway.

Two years ago, the investor, whose empire includes the insurance company Geico and the battery manufacturer Duracell, indicated that he saw Abel and Jain as his potential successors.

Buffett heads Berkshire Hathaway with Vice President Charlie Munger, who is 97 years old.

hba / dpa / AFP