Meet Greg Abel, Warren Buffett’s successor and heir apparent to Berkshire Hathaway

Greg Abel (right) and his wife Andrea Abel (left).

Greg Abel. chair of Berkshire Hathaway Power and vice chair for non-insurance operations at Berkshire Hathaway.Kevin Dietsch by way of Getty Pictures

  • Warren Buffett named Greg Abel, 61, as his successor at Berkshire Hathaway again in 2021.

  • Abel began out as an accountant, earlier than taking the reins as CEO of Berkshire Hathaway Power.

  • The Canadian businessman would possibly discover himself within the highlight extra with Charlie Munger’s passing.

Warren Buffett could also be synonymous with Berkshire Hathaway, however the 93-year-old has lengthy recognized his successor.

That particular person is Greg Abel, 61. The Canadian businessman is at the moment chair of Berkshire Hathaway Power and vice chair for non-insurance operations at Berkshire Hathaway.

In 2021, Buffett advised CNBC that Abel was his inheritor obvious.

“The administrators are in settlement that if one thing had been to occur to me tonight, it could be Greg who’d take over tomorrow morning,” Buffett advised CNBC’s Becky Fast then.

And now, with the passing of Buffett’s longtime enterprise companion Charlie Munger on Tuesday, Abel would possibly simply discover himself within the highlight extra usually.

From accountant to Berkshire acolyte

Abel graduated with a level in commerce from the College of Alberta in 1984. In 2013, Abel spoke to his alma mater’s alumni journal about his ardour for accounting.

“I began with a stronger curiosity in finance however accounting took over once I got here to appreciate how critically vital it was to grasp issues reminiscent of earnings and money stream statements,” stated Abel, who began his profession working at PricewaterhouseCoopers.

In 1992, the licensed public accountant joined geothermal-electricity producer, CalEnergy. CalEnergy would later purchase MidAmerican Power in 1999, adopting the latter’s title within the course of.

Abel discovered himself in Buffett’s orbit when Berkshire Hathaway purchased a controlling curiosity in MidAmerican Power that very same 12 months. Abel took over the reins of MidAmerican in 2008, which was renamed Berkshire Hathaway Power in 2014.

Abel’s tenure as Berkshire Hathaway Power’s CEO would final for 20 years till he stepped down in 2018. He’s at the moment chair of Berkshire Hathaway Power and has been on the corporate’s board since 2000.

In 2018, Abel bought a seat on Berkshire Hathway’s board and was named vice chair of the conglomerate’s non-insurance operations.

A greater Warren Buffett

Abel has been well-regarded amongst his Berkshire colleagues, together with Buffett’s late right-hand man, Charlie Munger.

“Greg is simply sensational at being a enterprise chief, each as a thinker and as a doer,” Munger stated of Abel throughout this 12 months’s Berkshire Hathaway annual assembly. “He is additionally only a super studying machine — you may argue that he is simply pretty much as good as Warren at studying all types of issues.”

“There’s some issues he is higher at than Warren is, and Warren is aware of that, and he simply retains dumping on Greg every thing that Greg can do higher, and that is loads,” Munger continued.

Munger was as soon as tipped as a possible successor by Buffett, although the latter stated he needed to cross on Munger in favor of somebody youthful, per an annual shareholder letter from 2007.

Buffett wrote concerning the firm’s future in a current press launch on November 21.

“Berkshire – one of many largest and most diversified firms on the planet – will inevitably encounter human errors in judgment and habits. These happen in any respect giant organizations, public or non-public. However these errors are unlikely to be severe at Berkshire and will probably be acknowledged and corrected,” Buffett stated within the press launch.

“We’ve the correct CEO to succeed me and the correct Board of Administrators as nicely. Each are wanted,” Buffett added.

Representatives for Abel didn’t instantly reply to a request for remark from Enterprise Insider despatched outdoors common enterprise hours.

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