Who is Greg Abel? Warren Buffett steps down after six decades as Berkshire Hathaway names new chief

Warren Buffett is set to retire from Berkshire Hathaway on Wednesday, December 31, ending a six-decade run that reshaped the company and earned him global acclaim as one of the world’s greatest investors. Attention has now shifted to Greg Abel, who takes over as chief executive of the sprawling conglomerate.

Buffett, 95, has led Berkshire Hathaway since 1965, transforming it from a struggling New England textile mill into a diversified powerhouse, with Class A shares trading at more than $750,000 apiece. He announced Abel’s elevation to the top job at the company’s annual meeting in Omaha, Nebraska, in May this year.

Abel, 63, was born and raised in Edmonton, Alberta, and joined Berkshire Hathaway in 2000 when it acquired MidAmerican Energy. That business later became Berkshire Hathaway Energy and has grown into one of the largest power providers in the central and western United States.

He has served as a vice chairman since 2018, overseeing Berkshire’s non-insurance operations. These include the BNSF railway, consumer brands such as Fruit of the Loom and See’s Candies, as well as a wide portfolio of chemical, energy and industrial businesses, Reuters reported. Ajit Jain, also a vice chairman, continues to manage the group’s insurance operations.

Abel works out of Des Moines, Iowa, around 135 miles, or 217 kilometres, east of Omaha, where Berkshire Hathaway is headquartered. Considered a more hands-on manager than Buffett, he has said he intends to preserve the company’s culture, which allows operating businesses to function with significant autonomy.

In November, Buffett described Abel as a strong manager, a tireless worker and a clear communicator. Abel graduated from the University of Alberta in 1984 with training in accounting and began his career at PricewaterhouseCoopers before moving into the energy sector with geothermal firm CalEnergy. He joined MidAmerican Energy in 1992 and rose to become its chief executive in 2008.

According to the Berkshire Hathaway Energy website, Abel has previously served on the boards of The Kraft Heinz Company, AEGIS Insurance Services and AEGIS London, and held roles as director and vice chair of Associated Electric and Gas Insurance Services Limited.

Reuters reported that Abel owns roughly $170 million worth of Berkshire Hathaway stock and could already be a billionaire after receiving $870 million in 2022, when Berkshire bought his 1 per cent stake in Berkshire Hathaway Energy.