Who is Greg Abel? About Berkshire Hathaway's next CEO, Warren Buffett appoints successor
Warren Buffett, a 94-year-old billionaire investor, announced that he will leave Berkshire Hathaway by the end of 2025 and was appointed Greg Abel, a 62-year-old Soviet member, as the next CEO of the $1 trillion company.
The retirement announcement was issued at the company's annual shareholders' meeting on May 3.
“I think it's time for Greg to be the company's CEO by the end of the year,” Warren Buffett said in a repetition of his point earlier this year.
Who is Berkshire Hathaway's next CEO, Greg Abel?
Greg Abel, a Canadian who grew up in Edmonton and played hockey, has long been Warren Buffett's shutdown aide at Berkshire Hathaway, according to the Associated Press. Greg Abel stayed two hours away from Warren Buffett of Des Moines, Iowa. He is expected to continue living there.
Since 2018, he has been in charge of the candy for BNSF, Berkshire’s Rail, food brands Cow Queen and See’s candy, as well as other manufacturing and retail businesses. He has been Warren Buffett and the now late Charlie Munger has been the CEO role since 2021.
Lowkey and the focus of attention, Greg Abel interacts with the media during Berkshire’s annual meeting and interviews with Warren Buffett. While he was the choice of Warren Buffett and Charlie Munger, the board is expected to vote and confirm his rise by the end of 2025.
Greg Abel talked about his work ethics in a rare interview in 2018. “I think hard work will lead to good results. In my academics, in my sport, in my business position, I learned that if I put in a lot of work and have been fully prepared, success is more likely.”
The report added that Omaha’s Oracle expects the board vote to be unnamed, once it is shown that the company is “very lucky.”
What challenges does Greg Abel face?
Greg Abel will take over various businesses of the conglomerate, which employs 4,00,000 employees and a large equity portfolio. The report noted that over the years, Warren Buffett and Charlie Munger said they wanted him to “preserve” Berkshire's dispersal culture with a focus on “independence, integrity and trust.”
According to expectations, the report notes that while he “has to fill big shoes,” no one expected executives to be on par with Warren Buffett's performance.
Ron Olson, a Berkshire board member, believes that Greg Abel is ready, saying, “Is he another Warren Buffett? No, the Warren Buffett I know doesn’t have the other Warren Buffett. But he has many of the basic principles of Warren. He is certainly a high-level integrity.
Troy Brady, CEO of Dairy Queen, told The Associated Press that executives “have high business acumen and high business instincts.” Berkshire executives who worked as shoemaker Brooks Running said they had already relied on Greg Abel when facing challenges.
Why Warren Buffett's son won't be CEO
It is worth noting that in the greatest wealth transfer in modern history, Warren Buffett's three children – Suzy (71), Howard (70) and Peter (66) – received $140 billion in Berkshire stock.
All three held bets were allocated to charity, meaning that Warren Buffett's children would not inherit most of their father's wealth. Susie Buffett has been on the board since 2021, and Howie has served on the board for more than 30 years.
The Wall Street Journal (WSJ) report said the handover plan had been in progress for “decades” and that the second child, Howie, will take over as non-executive chairman of Warren Buffett's Berkshire Hathaway. It added that his mission is to “maintain culture.”
