Greg Abel, who has been chosen by Warren Buffett as the next CEO of Berkshire Hathaway, is a Canadian-born near-billionaire who, despite his wealth, leads a humble and down-to-earth lifestyle in Des Moines, Iowa, and has devoted several years to the company. Abel is one of Buffett's most trusted lieutenants.
Abel, 62, has been with Berkshire Hathaway for more than two decades. He joined the company's board of directors in 2018 and held the role of vice chairman, overseeing non-insurance operations, before his name was announced for the high-profile leadership role. Originally from Edmonton, Abel has particular expertise in sectors like utilities, rail transport, and retail, as reported by CNBC.
A Thorough Professional
Abel was born in Canada and is an accountant by trade. He once served as the CEO of Berkshire Hathaway Energy, formerly known as MidAmerican Energy—a company Buffett acquired in 2008.
He earned his bachelor's degree in accounting from the University of Alberta in 1984. Abel is a near-billionaire. Despite having an estimated net worth close to $1 billion, Abel lives in Des Moines, Iowa, according to Business Insider.
The Des Moines Register described the future Berkshire Hathaway CEO as a down-to-earth father who coaches his son's hockey and baseball teams.
In 2022, Abel sold his 1% ownership in Berkshire Hathaway Energy for $870 million, Business Insider reported. He also played a key role in the company's move to expand its investments in five major Japanese conglomerates—a long-term strategy the rising CEO of the trillion-dollar enterprise has suggested could hold for decades, as per the same report.
Abel has been widely recognized as Buffett's successor since 2021, after Charlie Munger, Buffett's late longtime partner, accidentally revealed the plan during their annual shareholder gathering, CNBC noted.
Huge Responsibility on His Shoulders
On Saturday, at that very same event—often dubbed the "Woodstock for Capitalists"—Buffett, now 94, officially announced his retirement and publicly endorsed Abel as his successor.
"The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end," the Oracle of Omaha said.
Buffett's decision to step down will mark the end of his 55-year tenure at the helm of the company, which started out as a textile business and evolved into a leading international conglomerate.
"At 94, it won't be long before Greg Abel replaces me as CEO and will be writing the annual letters. Greg shares the Berkshire creed that a 'report' is what a Berkshire CEO annually owes to owners," Buffett wrote in the company's 2024 annual report.
"And he also understands that if you start fooling shareholders, you will soon believe your own baloney and be fooling yourself as well."
Abel's appointment as CEO still requires formal approval from the board of directors, CNBC reported.
