Buffett confirms successor

OMAHA, Neb. -- Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO.

Buffett confirmed the succession plan to CNBC on Monday after Berkshire Vice Chairman Charlie Munger hinted at the news during the company’s annual meeting on Saturday.

Abel currently oversees all of Berkshire's non-insurance companies. Berkshire has long said it planned to split Buffett's job into three parts when he is gone.

But in the past Buffett has refused to name the CEO candidate.

The 90-year-old Buffett has said he has no plans to retire.