"I think they'll be unanimously in favor of it, and that would mean that at year-end Greg would be the chief executive officer of Berkshire and I would still hang around."

Legendary investor Warren Buffett's leadership of Berkshire Hathaway (BRK.A, BRK.B), the struggling textile company he made into a trillion dollar conglomerate, will be a tough act to follow. But the “Oracle of Omaha” said his successor Greg Abel is ready for the challenge.