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    Suspected herdsmen ambush Benue policemen, kill DPO

    Again, terrorists kill over 25 in fresh Benue attack 

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    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    How to obtain foreign currency from Teller Points at Bank branches

    We did not devalue Naira – CBN

    How to obtain foreign currency from Teller Points at Bank branches

    CBN Devalues Naira to 630/US$1 at the I&E Window – Reports

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    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    BREAKING: CBN raises interest rate to 18.5% amid rising inflation

    JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

    Inflation rate hits 22.22% in April, highest in 14 years

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    FG re-introduces 5% excise duty on telecom services in new fiscal policy

    Headline Inflation in Nigeria rose to 22.04% in March

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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
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    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained 5.22% on bullish performance

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    The NGX- ASI increased by 0.48% as Unilever gained 9.70%

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

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Warren Buffet names successor at Berkshire Hathaway

Tuesday, 4 May 2021, 4:58 pm
in Business, Companies
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Warren Buffet names successor at Berkshire Hathaway
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Speculations about a successor for famed billionaire investor Warren Buffet has been running for over a decade now, since 2006 to be precise. In his annual shareholder letter that year, a spry 75-year-old Buffet discussed succession plans for the first time.

At the time, Buffett said that while how he had hoped Charlie Munger, his longtime right-hand man, would take over the business, he needed someone younger to fill the role.

Buffett added that Berkshire needed “someone genetically programmed to recognize and avoid serious risks, including those never before encountered.”

90 years old, Mr Buffet built Berkshire Hathaway from a failing textile maker into a $628bn (£452bn) investment juggernaut.

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During his reign, Buffett has turned Berkshire Hathaway into a more than $630 billion business. The conglomerate owns a share of everything from Apple and Coca-Cola to Bank of America and UPS.

Berkshire Hathaway held its annual shareholder meeting on Saturday, 1st May, 2021 and Warren Buffett pointed to Greg Abel, the 58-year-old leader of Berkshire’s non-insurance businesses, as the next in line if the Oracle of Omaha steps down.

“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 told CNBC on Monday.

Reacting to the naming of a successor to Mr. Buffet, Munger, Berkshire’s vice chairman, said he believed that Abel would “keep the culture” that has made Berkshire so successful for decades, CNBC reported.

Who is Greg Abel

Abel began his career working for PricewaterhouseCoopers before joining CalEnergy, a geothermal-electricity producer, in 1992.

In 1999, CalEnergy acquired MidAmerican Energy and adopted its name before Berkshire Hathaway picked up a controlling interest in the firm later that year.

In 2008, Abel became the CEO of MidAmerican, which was renamed Berkshire Hathaway Energy in 2014.

The Canadian-born certified public accountant was the CEO of Berkshire Hathaway Energy from 2008 to 2018 and the president from 1998 to 2018. Abel currently serves as Berkshire Hathaway Energy’s chairman and has served on the board of directors since 2000.

In January 2018, Abel was named vice chairman of non-insurance operations for all of Berkshire Hathaway and appointed to the conglomerate’s board of directors.

Abel also serves as a director and vice chairman of Associated Electric & Gas Insurance Services Limited and is on the board of directors for the Kraft Heinz Company and AEGIS Insurance Services.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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