Abel named next chief of Berkshire Hathaway after Buffett

American tycoon Warren Buffett has confirmed that Berkshire Hathaway's vice-chairman_ Greg Abel_ will succeed him as chief executive.

Mr Buffett built Berkshire Hathaway from a failing textile maker into a $628bn (£452bn) investment juggernaut. Although he is 90 years old_ Mr Buffett has given no indication he plans to step down.

However_ there has been speculation for more than a decade about who will succeed him. "The directors are in agreement that if something were to happen to me tonight_ it would be Greg who'd take over tomorrow morning_" Mr Buffett confirmed to CNBC.

Mr Abel helped build Berkshire Hathaway's energy unit into a major US power provider.

Since 2018_ the Canadian has been a vice-chairman_ overseeing Berkshire Hathaway's non-insurance businesses.

Vice-chairman Charlie Munger may have tipped the company's hand by accident at Berkshire Hathaway's annual meeting over the weekend.

When answering questions about the company's decentralised business model_ Mr Munger emphasised its importance and said_ "Greg will keep the culture."

Mr Munger made no mention of Ajit Jain_ another well-regarded contender for the job who had overseen Berkshire's insurance businesses.

Mr Jain's age appears to have played a role in the decision.

At 58 years old_ Mr Abel is a decade younger than Mr Jain_ and Mr Buffett told CNBC that Abel's relative youth was significant.

"The likelihood of someone having a 20-year runway though makes a real difference_" he said.