Greg Abel: Warren Buffett’s Chosen Successor at Berkshire Hathaway

A Promising Successor

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has long identified Greg Abel as his successor. Abel, a 61-year-old Canadian businessman, currently serves as the chair of Berkshire Hathaway Energy and vice chair for non-insurance operations at Berkshire Hathaway.

In 2021, Buffett publicly stated that if anything were to happen to him, Abel would take over as the CEO of Berkshire Hathaway. This announcement solidified Abel’s position as the heir apparent.

From Accountant to Business Leader

Abel’s path to success started with a degree in commerce from the University of Alberta in 1984. Initially interested in finance, Abel’s passion gradually shifted towards accounting as he recognized its significance in understanding financial statements and cash flows.

Following his graduation, Abel worked as a certified public accountant at PricewaterhouseCoopers. In 1992, he joined CalEnergy, a geothermal-electricity producer, which later acquired MidAmerican Energy and adopted its name.

Abel first crossed paths with Warren Buffett when Berkshire Hathaway purchased a controlling interest in MidAmerican Energy in 1999. Abel eventually took over as the CEO of MidAmerican in 2008, and the company was renamed Berkshire Hathaway Energy in 2014.

In addition to his role as chair of Berkshire Hathaway Energy, Abel joined Berkshire Hathaway’s board in 2018 and was named vice chair for non-insurance operations.

Praised by Colleagues

Abel’s abilities and leadership qualities have earned him high regard from both Warren Buffett and Charlie Munger, Buffett’s longtime business partner. Munger described Abel as a “sensational” business leader, stating that he is a talented and constant learner.

According to Munger, Abel possesses certain strengths that even surpass Buffett’s. Recognizing these strengths, Buffett has entrusted Abel with more responsibilities and regard him as the right person to lead Berkshire Hathaway.

A Bright Future for Berkshire Hathaway

Buffett’s recent press release on the company’s future highlighted the importance of having the right CEO and board of directors in place for Berkshire Hathaway’s continued success and ability to rectify any errors or misjudgments that may occur.

Greg Abel’s appointment as Buffett’s successor indicates the level of trust and confidence Buffett has placed in him. While Abel’s responsibilities may increase, his proven track record and abilities in the business world position him to navigate the challenges and opportunities that lie ahead for Berkshire Hathaway.

Source: Meet Greg Abel, Warren Buffett’s successor and heir apparent to Berkshire Hathaway