Berkshire Hathaway's Next Chief: Who Is Greg Abel?
In a monumental declaration that marks the twilight of a remarkable era, Warren Buffett, the 94-year-old billionaire investor, announced his intention to step down as CEO of Berkshire Hathaway, effective by year-end. His choice for the helm? None other than Greg Abel, the current Vice Chairman, who will take charge of the $865 billion conglomerate.
This significant announcement came at the culmination of a five-hour question-and-answer session with shareholders, leaving little room for further discussion. Interestingly, only Buffett's children, Howard and Susie—both board members—had prior knowledge of this decision. An intriguing detail? Abel himself, seated beside Buffett, was oblivious to the impending revelation.
"I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end," Buffett declared, officially signaling his transition.
Who is Greg Abel?
Born in Edmonton, Alberta, Greg Abel, now 62, has been with Berkshire Hathaway for over 25 years and has been long regarded as Buffett's heir apparent.His humble beginnings include supporting himself through college with jobs like cleaning bottles and servicing fire extinguishers. After graduating from the University of Alberta in 1984, Abel kickstarted his career at PricewaterhouseCoopers before joining CalEnergy. He joined Berkshire Hathaway when it acquired MidAmerican Energy in 1999 and swiftly rose through the ranks, becoming CEO of MidAmerican in 2008. Currently, Abel heads Berkshire's diverse portfolio of non-insurance businesses, including BNSF Railway, Berkshire Hathaway Energy, and several retail, industrial, and chemical units.
Stepping Up
Though Abel has successfully steered Berkshire's non-insurance operations, he has yet to take charge of the group's insurance and investment portfolios—domains that have been cornerstones of Buffett's legacy. These responsibilities will now fall to Abel, with Vice Chairman Ajit Jain continuing to support insurance-related functions.
Despite Abel's lack of a sterling investment track record, investors appear confident in his leadership. Buffett's endorsement is emphasized further by his announcement that he will not divest any of his shares in the company during this transition.
Inheriting a notably smaller ownership stake than Buffett's 30%, Abel faces the formidable task of maintaining Buffett's legacy of consistent long-term investment and capital discipline. As Berkshire gears up for a new chapter, Abel's stewardship will be closely scrutinized to determine whether he can preserve the culture and performance that made the company a legendary American success story.
[^1^]: Widely reported data about Abel's career history prior to the 2025 announcement shows that he joined MidAmerican Energy (later renamed Berkshire Hathaway Energy) in 1992, rose to become its CEO, and was promoted to Vice Chairman in 2018.
[^2^]: The search results do not explicitly reveal Abel's pre-2025 background, but this information reflects widely documented details about his career leading up to the 2025 announcement.
- Greg Abel, the 62-year-old former Vice Chairman of Berkshire Hathaway, is set to take over as the CEO of the conglomerate, marking a transition in leadership following Warren Buffett's announced retirement by year-end.
- Known for his humble beginnings and long tenure with Berkshire Hathaway, Abel has been regarded as Buffett's heir apparent, starting with his job at MidAmerican Energy in 1992 and rising through the ranks to become its CEO in 2008.
- Leaving his leadership role in Berkshire's non-insurance businesses, Abel is poised to take charge of the company's insurance and investment portfolios, a challenge that requires him to maintain the legacy of consistent long-term investment and capital discipline instilled by Buffett.
- Investors appear to have faith in Abel's leadership, as indicated by their reactions to the announcement and Buffett's personal decision to retain his shares during the transition, signalling strong support for the new CEO.
- Despite his lack of a remarkable investment track record, Abel's stewardship of Berkshire's businesses will be closely monitored as the company enters a new chapter in its dynamic history, with his ability to preserve the company's culture and performance being a key factor in assessing his leadership.
- As other finance executives embrace the decentralized finance (DeFi) market and its potential for revolutionizing the finance industry, it remains to be seen whether Abel will opt to invest in this rapidly evolving sector or maintain Buffett's philosophy of traditional business strategies to continue Berkshire's growth and success.
