OMAHA, Neb. — Vice Chairman Greg Abel will succeed billionaire Warren Buffett as Berkshire Hathaway CEO, according to a report.

Buffett confirmed the succession plan today to CNBC after Berkshire Vice Chairman Charlie Munger let slip the plan during during the company’s annual meeting on Saturday.

The 90-year-old Buffett told CNBC that if anything happened to him, Abel would be the one to take the top post. He also said that Vice Chairman Ajit Jain would succeed Abel.