Who is Greg Abel, Warren Buffett's successor at Berkshire Hathaway
What's the story
Greg Abel, the long-serving Vice Chairman of Berkshire Hathaway, has been named as Warren Buffett's successor.
The announcement came during Berkshire Hathaway's annual shareholder meeting, where Buffett said he would step down as CEO by December 31.
"It's working way better with Greg Abel than with me, because I don't want to work as hard as he works," said Buffett while praising Abel, who has overseen Berkshire's vast non-insurance operations and served as Buffett's trusted lieutenant for over a decade.
Career path
Abel's journey to the top
Abel joined Berkshire Hathaway in 1992 when it was called MidAmerican Energy.
Since then, he has been instrumental in overseeing the conglomerate's manufacturing, retail, and transportation businesses such as BNSF Railway, See's Candies, and Dairy Queen.
Prior to his stint at Berkshire Hathaway, he worked at PricewaterhouseCoopers and energy firm CalEnergy after graduating from the University of Alberta in 1984.
Work ethic
Leadership style and reputation
Abel is known for his integrity, strategic thinking, and quiet leadership style.
He has earned a reputation within Berkshire as a sharp operator with exceptional business instincts.
Dairy Queen CEO Troy Bader noted that "the intuition is really important," adding that while Warren has that intuition, Greg has a lot of it as well.
Trust
Abel's role in Berkshire's capital allocation
Abel has slowly assumed more control over Berkshire's capital allocation duties, a testament to Buffett's deep trust in him.
Last year, Buffett had said he wanted Abel to have the final say over investment decisions for Berkshire's vast public equities portfolio.
Despite his new title as CEO, Abel isn't expected to move to Berkshire's Omaha headquarters and continues to reside in Des Moines, Iowa.
Cultural preservation
Commitment to Berkshire's unique culture
As he gears up to take over as CEO in 2025, Abel is determined to maintain the distinctive culture that Buffett and Charlie Munger established at Berkshire Hathaway.
This culture revolves around independence, integrity, and trust.
Longtime Berkshire board member Ron Olson admitted that while there may not be another Buffett, "he has so many of the fundamentals of Warren."