Berkshire Hathaway director Olson says Abel has the boards total confidence

div classBodysc17zpet90 cdBBJodivpOMAHA, Neb. Reuters – One of Berkshire Hathaways longestserving directors on Thursday gave a fullthroated endorsement to Greg Abel as designated successor to Warren Buffett when the billionaire steps down.

“He has the total confidence not only of Warren, but the board,” Ronald Olson, a close confidante of Buffett and a Berkshire director since 1997, said at the Berkshire System Summit, hosted by the University of Nebraska at Omaha. pdivdivdiv classBodysc17zpet90 cdBBJodiv

Abel, 59, had been the chief executive of what is now Berkshire Hathaway Energy, before being named a vice chairman overseeing Berkshires noninsurance businesses in 2018. p

Last May, Buffett, 91, said Abel was the board‘s choice to replace him as CEO when necessary. “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett said a year ago.

pSpeaking ahead of Berkshire‘s annual meeting which kicks off Friday, Olson praised Abel’s managerial skills, saying “he understands numbers better than anyone I‘ve been around, he understands people better than anyone I’ve been around.”

He also said Abel has built a close relationship with Berkshires dozens of noninsurance subsidiaries, which also include businesses in the manufacturing, railroad, retail and other sectors. p

“There is no question hes brought to bear a closer connection between the parent company and individual subsidiaries,” Olson said. p

Buffett and Vice Chairman Charlie Munger, 98, remain responsible for major capital allocation decisions, while Buffett handles the bulk of Berkshires common stock investments. Another vice chairman, Ajit Jain, oversees insurance subsidiaries.

Reporting by Carolina Mandl and Jonathan Stempel Editing by Stephen Coatesp

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