For years, investors have speculated about Warren E. Buffett’s potential retirement. However, the 94-year-old billionaire surprised many when he announced on Saturday his plans to step down from his role as chief executive at Berkshire Hathaway after nearly six decades.
It wasn’t shocking when he revealed who would take his place at the helm of the $1.1 trillion conglomerate.
Who is Greg Abel?
Greg Abel, 62, has held the position of vice-chairman of Berkshire’s non-insurance businesses since 2018. His responsibilities encompass a wide array of operations, including the largest railway in the U.S., BNSF, as well as Berkshire Hathaway Energy, various restaurant chains, and many well-known consumer brands like Fruit of the Loom, Brooks, and Justin boots. He even oversees NetJet, a private jet service.
Abel’s rise within Berkshire was steady and significant. Originally from Edmonton, Alberta, he joined the conglomerate in 2000 after Buffett acquired control of Central American Energy, where Abel was the president.
In 2018, Abel was named vice-president of Berkshire, and by 2021, he emerged as Buffett’s clear successor, a position he confirmed afterward.
Outside of work, Abel is an avid hockey fan. He actively serves as a volunteer coach for a local team in Des Moines, where he resides, and where Berkshire Hathaway Energy is based.
