In the world of finance, few names carry the weight and recognition of Warren Buffett. As the 95-year-old billionaire investor prepares to step down from his role as CEO of Berkshire Hathaway, the question of who could possibly fill his shoes has finally been answered. Greg Abel, a 62-year-old Canadian-born executive, has been chosen as Buffett’s successor—a decision announced back in May 2021 but now on the verge of becoming a reality.
Who Is Greg Abel?
Greg Abel was born and raised in Edmonton, Alberta, in a working-class neighborhood. His humble beginnings stand in stark contrast to the towering heights of corporate leadership he now occupies. Abel attended the University of Alberta, earning a degree in accounting with distinction in 1984. After graduation, he joined the consultancy firm PwC as a chartered accountant in Edmonton before transferring to its San Francisco office.
It was during his time in San Francisco that Abel crossed paths with one of PwC’s clients, CalEnergy. Abel soon joined the company, becoming a senior executive and playing a pivotal role in its growth. By 1999, he was named president of the company, which later evolved into MidAmerican Energy Holdings Company. In 2014, the firm became Berkshire Hathaway Energy, a key subsidiary of Buffett’s multinational conglomerate.
Rising Through the Ranks
Over the years, Greg Abel has become an indispensable part of Berkshire Hathaway. In January 2018, while continuing as executive chairman of Berkshire Hathaway Energy, Abel was also appointed vice chairman of Berkshire Hathaway Inc., taking on the responsibility of managing its vast portfolio of non-insurance businesses.
Berkshire Hathaway Energy itself is a giant in the energy sector, with assets exceeding $90 billion and operations spanning the U.S., the U.K., Canada, and the Philippines. Under Abel’s leadership, the subsidiary has thrived, earning him a reputation as a sharp, strategic thinker who understands the intricate balance of business growth and sustainability.
In addition to his roles within Berkshire, Abel serves as a director and vice chairman of the Edison Electric Institute, a prominent association of U.S. electric companies. He also holds board positions at Nuclear Electric Insurance Limited, Associated Electric & Gas Insurance Services Limited, and The Kraft Heinz Company.
Buffett’s Chosen Successor
Warren Buffett’s endorsement of Greg Abel as his successor came with strong words of confidence. In a 2021 interview, Buffett expressed being “100 percent comfortable” with Abel taking over the reins of Berkshire Hathaway. Investors and analysts share this sentiment, believing that Abel will preserve Buffett’s conservative yet highly successful approach to business.
Abel has been deeply involved in capital allocation decisions at Berkshire, earning the trust of both the board and Buffett himself. As Sue Decker, lead director of Berkshire Hathaway’s board, recently noted, “In the last year, the board—really Greg and Warren—have moved from sort of preparing for success to actually practicing it.”
A New Era for Berkshire Hathaway
When Abel takes over as CEO, he will inherit one of the largest and most respected conglomerates in the world. Berkshire Hathaway, with a market value of $865 billion, has built its reputation on a long-term investment strategy and a disciplined approach to capital allocation. Unlike many firms of its size, Berkshire has famously avoided paying dividends, instead choosing to reinvest its earnings into businesses it believes in.
Abel has already emphasized that he plans to uphold the unique culture that defines Berkshire Hathaway. “We have a very special company in Berkshire, but it’s that culture that makes it special, and that’s not going to change,” he said at a recent shareholder meeting.
The Road Ahead
While Warren Buffett’s departure marks the end of an era, Greg Abel’s leadership signals the beginning of a new chapter for Berkshire Hathaway. With decades of experience, a proven track record, and Buffett’s full confidence, Abel seems well-positioned to carry forward the legacy of one of the greatest investors in history.
As Abel steps into this monumental role, all eyes will be on him to see how he steers the ship of a conglomerate that has long been synonymous with stability, growth, and exceptional leadership. One thing is certain: the future of Berkshire Hathaway is in capable hands.
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