Warren Buffett Endorses Successor Greg Abel as New Berkshire Hathaway CEO

Warren Buffett has endorsed Greg Abel as the next CEO of Berkshire Hathaway and reassured shareholders with his continued stake. At 95, Buffett praised 63-year-old Abel as 'CEO material' and announced accelerated donations to family-run foundations. His significant charitable contributions include over $1.3 billion in Berkshire stock.

Warren Buffett has publicly backed Greg Abel to succeed him as the CEO of Berkshire Hathaway, set to take over in January. Buffett, maintaining a substantial shareholder presence, offered this assurance to investors during a recent communication.

In a heartfelt letter to shareholders, the 95-year-old business magnate expressed that Abel exceeded his expectations, labeling him as unbeatable among potential candidates for the esteemed role. Buffett highlighted that Abel's capabilities are unparalleled, endorsing his aptitude for managing savings with adeptness.

Simultaneously, Buffett disclosed plans to expedite his philanthropic endeavors. His contributions exceed $1.3 billion in Berkshire stock, distributed to family-operated foundations. These initiatives underline his confidence in Berkshire's future, along with the establishment of a charitable trust to manage his wealth posthumously.

(With inputs from agencies.)