American business tycoon Warren Buffett has confirmed that Berkshire Hathaway's vice-chairman, Greg Abel, will succeed him as chief executive.

Investor Buffett built Berkshire Hathaway from a failing textile maker into a $628bn (£452bn) investment juggernaut.

Although he is 90 years old, Buffett has given no indication he plans to step down.

Mr Abel helped build Berkshire Hathaway's energy unit into a major US power provider.

Since 2018, the Canadian has been a vice-chairman, overseeing Berkshire Hathaway's non-insurance businesses.

Member of an exclusive club

Mr Buffett is arguably the world's most successful investor.

Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen.

It also has major stakes in Apple, Coca Cola, Bank of America and American Express, among others.

(BBC)