Ending the years of speculations, Warren Buffett has reportedly named Greg Abel, vice chairman of Berkshire Hathaway's non-insurance business, as his successor.
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. However, Buffett did not give any indication on the timeline of the take over of the top job.
Ajit Jain, 69, who handles the insurance business at Berkshire, could be the potential pick after Abel.