Buffett endorses Greg Abel and says Berkshire best positioned to last 100 years

Warren Buffett said Berkshire Hathaway is better positioned than any company to endure over the long term as he handed the CEO reins to Greg Abel, whom he strongly endorsed. Buffett made the comments in a special interview with Becky Quick, parts of which aired on CNBC on Friday. The full interview will air on CNBC on Tuesday, Jan.

13 at 7 p.m. ET. He officially relinquished the CEO role on Thursday, ending a six-decade run that transformed a struggling textile mill into a trillion-dollar conglomerate with businesses from insurance companies to railroads and more than $300 billion in cash on the balance sheet.

"Greg will be the decider," Buffett said, praising Abel as a sensible leader and noting he lives a normal life away from the spotlight. Buffett added he would rather have Abel handling his money than many top advisors or CEOs. He also said that if neighbors didnt know who Abel was, they would have no idea he is now in charge of a company that employs close to 400,000 people and aims to be around decades from now.

Berkshires shares trailed the market after Buffett announced in May that he was retiring, as some investors questioned whether Abel could manage the sprawling businesses and the equity portfolio while maintaining a premium valuation. Buffett, 95, said he will remain chairman but signaled a quieter public role.

Key Topics

Business, Warren Buffett, Berkshire Hathaway, Greg Abel, Succession, Retirement