Gregory Abel, Vice Chairman overseeing non-insurance operations for Berkshire Hathaway, meets shareholders in the exhibition hall during the Berkshire Hathaway Inc annual shareholders’ meeting in Omaha, Nebraska, U.S., May 3, 2024.
Scott Morgan | Reuters
Warren Buffett plans to hand over the reins of Berkshire Hathaway at the end of 2025 to Greg Abel, who has been working for the legendary investor for more than two decades and has a long track record as a business operator in his own right.
Abel has been on Berkshire Hathaway’s board since 2018, and his current title is vice chairman of non-insurance operations. That role puts Berkshire’s businesses in areas like utilities, railroads and retail in his purview.
The utility and energy industry is where Abel, 62, cut his teeth before becoming Buffett’s right-hand man. He first joined Berkshire when Buffett’s firm struck a deal for a controlling stake in MidAmerican Energy, where Abel was an executive, in 1999. He later served as the CEO of that company, which was renamed Berkshire Hathaway Energy.
One key role for Abel in recent years has been his involvement with Berkshire’s growing position in five Japanese conglomerates. Abel said during Saturday’s shareholder meeting that he expects Berkshire to hold on to those Japan investments for decades to come.
Abel has been known as Buffett’s heir apparent since 2021, when the late Charlie Munger revealed the decision at a shareholder meeting. The well-telegraphed move has given Abel time to win over shareholders and other key stakeholders at Berkshire.
“Greg is ready. I have no doubt about that. We’ve known if for a long time,” longtime Berkshire board member Ron Olson told CNBC on Saturday.
Originally from Canada, Abel attended the University of Alberta and is lover of hockey. In his 2023 annual letter, Buffett said that he and Abel lived just a few blocks apart from each other in Omaha in the 1990s but never met in person during that period.
Credit: Source link
