Buffett's successor

The head of investment fund Berkshire Hathaway, 90-year-old billionaire Warren Buffett has named its vice-president Greg Abel as his successor at the head of the company. CNBC reported this on Monday, citing Buffett himself.

"The directors agree that if something happens to me today, Greg will run everything tomorrow", Buffett said.

Abel is 58 years old. Buffett said his age was one of the factors the board considered when approving his nomination.

The entrepreneur and philanthropist Buffett turned 90 last August. He has been one of the top three richest people in the world for the past decades, but has slipped to number four in 2019 with a fortune of $67.5bn.

In 1965, Buffett bought a controlling stake in the near-bankrupt textile company Berkshire Hathaway and turned it into a holding company that manages the assets of companies operating in various fields. As of 2020, there are more than 60 of them. Among them are leading US banks, technology manufacturers. Against the backdrop of Buffett's advanced age, the press has long been speculating about who will replace him at the head of Berkshire Hathaway. Although the construction of such theories has been going on for about a decade, Buffett himself remains at the helm of the company for now.