Greg Abel: Berkshire Hathaway’s New CEO
Greg Abel, chosen by Warren Buffett as the next CEO of Berkshire Hathaway, keeps a low profile while living in Des Moines, Iowa. He maintains close ties with a Canadian-born veteran of the company.
The 62-year-old has been with Berkshire Hathaway for over two decades and joined the board of directors in 2018. Before his recent promotion, he served as vice-chairman of the company’s non-insurance operations.
Individuals from Edmonton tend to excel in sectors like utilities, railroads, and retail, as noted by reports.
Originally from Canada, Abel was previously the CEO of Berkshire Hathaway Energy, a move made when Buffett acquired the company in 2008. He graduated with a Bachelor of Arts in Accounting from the University of Alberta in 1984.
Despite his net worth of approximately $1 billion, Abel leads a seemingly ordinary life. Reports suggest he coaches his son’s hockey and baseball teams, illustrating a down-to-earth persona.
In 2022, Abel sold a 1% stake in Berkshire Hathaway Energy for $870 million. He has also played a significant role in the company’s venture with a five-member Japanese conglomerate, indicating a long-term commitment.
Since 2021, executives have been referred to as heirs. There were some misleading notions shared during the recent annual shareholders meeting, largely attributed to Charlie Munger, Buffett’s long-time partner.
Recently, Buffett announced his retirement as CEO at the same annual meeting. He described his retirement as a significant moment and expressed his confidence in Abel taking over.
“The time feels right for Greg to lead the company as CEO by year’s end,” Buffett remarked, marking the end of his 55-year leadership, which transformed the company from a textile manufacturer into a leading global conglomerate.
Buffett emphasized that Abel shares the company’s core values and highlighted the importance of transparency and honesty toward shareholders, stating that deception compromises integrity.
However, it’s worth noting that Abel’s appointment as CEO awaits approval from the board.
