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Photo: Daniel Acker/Bloomberg via Getty Images

Berkshire Hathaway has chosen Greg Abel, chief executive of the company's energy business and head of Berkshire's non-insurance operations, to succeed Warren Buffett as CEO when he departs, Buffett told CNBC on Monday.

Why it matters: The choice answers a question that had loomed over Berkshire and its 90-year-old CEO for decades.

  • Abel would inherit the largest conglomerate in the world and embark on the impossible task of filling the shoes of the "Oracle of Omaha," one of the richest men and most famous investors on the planet.
  • “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.

Go deeper

Warren Buffett denounces SPACs and Robinhood at Berkshire Hathaway meeting

Warren Buffett during a 2017 event in New York City. Photo: Daniel Zuchnik/WireImage

Warren Buffett called SPACs a "killer" and criticized stock-trading app Robinhood for encouraging gambling during Berkshire Hathaway's annual meeting in Los Angeles Saturday.

Why it matters: The criticism by Buffet comes as SPACs, or special purpose acquisition companies, and Robinhood have been facing scrutiny from regulators after soaring in popularity over the past year.

Updated 1 hour ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.

3 hours ago - World

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne spent longer under lockdown than "any other city in the world" during the pandemic, Reuters notes.