In a historic transition, Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, announced he will step down at the end of 2025 after a remarkable 60-year tenure. The mantle of leadership is set to pass to Greg Abel, a seasoned executive with deep roots in the company’s operations. (Reuters, AP News)
Early Life and Education
Gregory Edward Abel was born on June 1, 1962, in Edmonton, Alberta, Canada. Raised in a modest household, Abel demonstrated a strong work ethic from a young age, taking on various jobs such as delivering flyers and working as a laborer. He earned a bachelor’s degree in accounting from the University of Alberta in 1984 and is a certified public accountant. (Wikipedia)
Career at Berkshire Hathaway
Abel began his professional journey as a chartered accountant with PricewaterhouseCoopers in San Francisco. In 1992, he joined CalEnergy, a geothermal electricity producer, which later became MidAmerican Energy. Berkshire Hathaway acquired a controlling interest in MidAmerican in 1999, and Abel rose through the ranks to become CEO in 2008. Under his leadership, the company was rebranded as Berkshire Hathaway Energy in 2014. (Wikipedia)
In January 2018, Abel was appointed vice chairman of Berkshire Hathaway, overseeing non-insurance operations. His portfolio includes major subsidiaries such as BNSF Railway, See’s Candies, and Dairy Queen. Abel has also been instrumental in Berkshire’s investment in five Japanese conglomerates. (Wikipedia, AP News, New York Post)
Leadership Style and Philosophy
Known for his low-profile lifestyle in Des Moines, Iowa, despite a near-billion-dollar net worth, Abel embodies the values of humility and diligence. He is respected for his strategic thinking and business acumen across Berkshire’s decentralized empire of nearly 400,000 employees. Abel emphasizes hard work and integrity—traits he shares with Buffett. (New York Post, AP News)
The Transition of Power
Buffett’s decision to step down and endorse Abel as his successor was not abrupt. In 2021, Buffett had already signaled Abel as the heir apparent. The formal announcement came during Berkshire’s 60th annual meeting in Omaha, Nebraska, where Buffett, at 94, expressed confidence in Abel’s ability to lead the conglomerate into the future. (CBS News, AP News, Latest news & breaking headlines)
Abel is expected to assume full control over capital allocation and company decisions, while Buffett plans to remain an advisor without selling his shares. This marks the end of Buffett’s six-decade tenure since transforming Berkshire from a struggling textile firm into a $1.16 trillion investment powerhouse. (MarketWatch)
Challenges and Expectations
As Abel prepares to take the helm, he faces the challenge of maintaining Berkshire’s performance, culture, and capital allocation strategy in Buffett’s absence. While he cannot replicate Buffett’s extraordinary investment legacy, board members and executives express confidence in his ability to preserve the firm’s unique culture and oversee its diverse holdings. (Reuters, AP News)
Abel’s leadership will be pivotal in navigating the conglomerate through evolving market dynamics and ensuring the continuity of its decentralized structure. His appointment is pending board approval, which is expected to occur by a unanimous vote. (KCCI)
Conclusion
Greg Abel’s ascension to CEO of Berkshire Hathaway marks a significant moment in the company’s history. With a solid track record, deep understanding of the company’s operations, and a leadership style that mirrors Buffett’s core values, Abel is well-positioned to steer Berkshire into its next chapter. As the business world watches this transition, confidence remains high that Abel will uphold the legacy and principles that have defined Berkshire Hathaway for decades.
Note: This article is based on information available as of May 2025 and reflects the developments surrounding Greg Abel’s appointment as CEO of Berkshire Hathaway.
