Successor set to take over CEO role from celebrated investor Warren Buffett.
Berkshire Hathaway Shuffles the Deck: Greg Abel Steps Up to Replace Legendary Buffett
This past weekend, during Berkshire Hathaway's annual meeting, the towering figure of the investment world, Warren Buffett, announced his retirement as CEO. The magnate, aged 94, passes the torch to his trusted partner, Greg Abel.
Buffet proposed Abel as his successor in 2021, praising his keen eye for Berkshire's culture, and placing him as vice chairman of the company's non-insurance operations. Abel's impressive track record extends to heading Berkshire Hathaway Energy, one of the company's crown jewels, touted by Buffet himself.
Shareholders, who gathered to discuss trade wars and tariffs, were taken aback by Buffet's shocking announcement. "It's high-time Greg takes the reins as chairman by the year's end," said a sentimental Buffett, signaling the end of an impressive 55-year run. Simultaneously, Buffet heralded Abel as his successor as CEO of the conglomerate.
A Smooth Transition or a Rough Patch?
Investors eagerly anticipate Abel's commitment to Berkshire Hathaway's investment philosophy, as he emphasizes maintaining the company's stable balance sheet, enabling its management to make substantial investments without resorting to banks. Despite his practical approach, Abel yet maintains a net worth of $4.84 billion, showcased by his 2022 sale of a 1% stake in Berkshire Hathaway Energy for a whopping $870 million.
With a background in energy, Abel has climbed the ranks to the top. Born in Canada, he played hockey during his youth and graduated from the University of Alberta with a degree in commerce. He began his professional journey with PricewaterhouseCoopers before joining energy company CalEnergy, which he transformed into MidAmerican Energy post-acquisition by Berkshire Hathaway in 1999.
The Berkshire Hathaway board has unanimously approved Abel to take over as CEO starting January 1, 2026, setting the stage for a significant leadership transition. Abel's experience and dedication to the energy sector bode well for Berkshire Hathaway. Yet, as he steers the colossal ship into unknown waters, analysts can't help but hesitate, questioning whether Berkshire's philosophy will remain as steadfast, or stormy seas lie ahead.
Originally published on our website on May 4, 2025, and later updated.
Despite his background in the energy sector, Greg Abel's commitment to Berkshire Hathaway's investment philosophy, such as maintaining a stable balance sheet for substantial investing, will be crucial in the future of the business. With a net worth of $4.84 billion, Abel's investing acumen, proven during his tenure as head of Berkshire Hathaway Energy, will play a significant role in the finance and investing landscape of the conglomerate.
