Buffett confirmed the plans to CNBC after Berkshire Vice Chairman
"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.
He added that Vice Chairman
"They're both wonderful guys. The likelihood of someone having a 20-year runway though makes a real difference," said Buffett.
Jain and Abel were promoted to vice chairmen in 2018 and Buffett offered them the opportunity to take the floor at the shareholder meeting in 2019.
At the time, Munger assured shareholders that they would continue to treat their "money exactly as we would behave with our own money" even following a transfer of leadership.
Berkshire stock rose 1.69% following the news on Monday.
The company reported close to
During Saturday's shareholder meeting, Buffet said the company was facing "substantial inflation" amid rising price pressures as the economy recovers from the impacts of the COVID-19 pandemic.
"It's an economy -- really, it's red hot. And we weren't expecting it," he said.
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