Greg Abel, the next CEO of Berkshire Hathaway hand-picked by Warren Buffet, is a Canadian-born near-billionaire who lives a humble life as a regular guy in Des Moines, Iowa, and is a longtime company man.
The 62-year-old, who has worked at Berkshire Hathaway for over 20 years, was named to its board of directors in 2018, and was serving as vice chairman of non-insurance operations before the high profile promotion announcement.
The Edmonton native has particular expertise in business areas such as utilities, railroads, and retail, according to CNBC.
A Canadian by birth and accountant by trade, Abel was previously CEO of Berkshire Hathaway Energy, initially called MidAmerican Energy, which was bought by Buffet in 2008.
Abel graduated from the University of Alberta with a bachelor’s degree in accounting in 1984.
He currently lives in Des Moines, Iowa despite having a roughly billion-dollar net worth, according to Business Insider.
The rising CEO of the trillion-dollar enterprise was described as a regular dad who coaches his son’s hockey and baseball teams, by the Des Moines Register.
Abel sold his 1% stake in Berkshire Hathaway Energy for $870 million in 2022, Business Insider reported.
Abel was key in the company’s decision to grow their position in five Japanese conglomerates — which the rising CEO has suggested the company will hold for decades, that report stated.
Since 2021, the executive has been known as the heir apparent — thanks to the late right-hand man of Buffet, Charlie Munger, who accidentally divulged the information at their annual shareholder meeting, CNBC reported.
Buffet, 94, announced the decision to retire as CEO of Berkshire Hathaway Saturday at the same annual meeting, dubbed “Woodstock for Capitalists,” where he made the decision go public with his blessing of Abel.
“The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end,” the Oracle of Omaha said.
The abdication will end Buffet’s 55-year tenure at the helm of the company which began as a textile manufacturer and became a premier global conglomerate.
“At 94, it won’t be long before Greg Abel replaces me as CEO and will be writing the annual letters. Greg shares the Berkshire creed that a ‘report’ is what a Berkshire CEO annually owes to owners,” Buffet wrote in the company’s 2024 annual report.
“And he also understands that if you start fooling shareholders, you will soon believe your own baloney and be fooling yourself as well.”
Abel’s ascension to CEO still needs to be approved by the board of directors, CNBC reported.