Warren Buffett has named his successor at Berkshire Hathaway Inc (NYSE:BRK.A) but the legendary investor gave no indication that he is about to step away from the business.
In an interview with CNBC, Buffet said that if something was to happen to him Greg Abel, the firm’s vice-chairman, would take over.
Buffett, who is affectionately known as the Sage of Omaha by his legions of fans, said: “The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning.”
Under Buffet's control, Berkshire Hathaway has grown from humble beginnings in Nebraska into a US$600bn business spanning insurance, railroads, ice cream and a substantial stake in Apple.
The philosophy has been to eschew market trends and stick to buying and holding what he sees as fundamentally good companies.
Buffett, though, is now 90, and speculation about who might succeed him has been circulating for more than a decade.
Abel, 58, joined Berkshire Hathaway in 1992 and took over an energy division that spans, renewables, infrastructure and generation in 2008.
In 2013, Buffett said about him: "There's a lot of smart people in this world, but some of them do some very dumb things. He's a smart guy who will never do a dumb thing.”
Earlier this year, shares in Berkshire Hathaway hit a record high taking Buffett’s personal fortune beyond US$100bn.