Buffett doubles down on Abel, says will speed up donations

Investing.com -- Warren Buffett on Monday gave yet another strong endorsement to Greg Abel, who will take over as Berkshire Hathaway’s chief executive in January, and promised to maintain a significant stake in the company to reassure shareholders about the leadership transition.

In what may be his final public letter to shareholders before stepping down, the 95-year-old Buffett said Abel, 63, has "more than met" his high expectations as CEO material.

"I can’t think of a CEO, a management consultant, an academic, a member of government - you name it - that I would select over Greg to handle your savings and mine," Buffett wrote. He will remain as Berkshire’s chairman after the CEO transition.

Buffett also announced he would accelerate charitable donations to family foundations led by three of his children. He emphasized this decision "in no way reflects any change in my views about Berkshire’s prospects."

Buffett donated more than $1.3 billion of Berkshire stock, equivalent to 1,800 Class A shares, to four family foundations headed by his children.

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