Who Is Greg Abel? Meet The New CEO Of Berkshire Hathaway As Warren Buffett Steps Down

Warren Buffett is retiring from Berkshire Hathaway on Wednesday, Dec. 31, closing the final chapter of his six-decade journey. The spotlight is now on Greg Abel, who replaces the 'Oracle of Omaha' as the Chief Executive Officer (CEO).

Buffett, 95, is highly regarded as the greatest investor worldwide. He turned Berkshire Hathaway from a struggling New England textile mill to a massive conglomerate, with shares going up to more than $750,000 apiece.

Leading the conglomerate since 1965, Buffett announced Abel's promotion to CEO at the company's annual meeting in Omaha, Nebraska, in May this year.

Born and raised in Edmonton, Alberta, the 63-year-old became a part of Berkshire in 2000 when the company purchased MidAmerican Energy. It later built it into Berkshire Hathaway Energy. Currently, the unit is among the largest power providers in the central and western United States.

Abel has been serving as a vice chairman since 2018. He was taking care of the non-insurance businesses, such as the BNSF railroad; retailers like Fruit of the Loom and See's Candies; as well as chemical, energy and industrial companies, Reuters reported.

At present, Ajit Jain, also a vice chairman in the company, looks after Berkshire's insurance businesses. 

Abel has been working from Des Moines, Iowa, about 135 miles (217 km) east of Omaha, where the company is based.

Being a more hands-on manager than Buffett, Abel said he will respect the company's culture that allows operating businesses to run largely autonomously.

In November, Buffett described the low-key Canadian executive as a "great manager, a tireless worker and an honest communicator." 

Abel graduated from the University of Alberta in 1984 and is trained in accounting. He was earlier associated with PricewaterhouseCoopers and geothermal energy firm CalEnergy. He got appointed by MidAmerican Energy in 1992 and went on to become the chief in 2008. 

As per the official website of Berkshire Hathaway Energy, Abel's past board service included The Kraft Heinz Company, AEGIS Insurance Services and AEGIS London board of directors. He even served as director and vice chair of Associated Electric & Gas Insurance Services Limited.

According to Reuters, Abel owns roughly $170 million of Berkshire stock. He could be a billionaire after he received $870 million in 2022 when Berkshire purchased his 1% stake in Berkshire Hathaway Energy.

Away from his professional life, Abel is considered a lifelong hockey fan. In 2014, he took part in the Ice Bucket Challenge to raise awareness for amyotrophic lateral sclerosis, or Lou Gehrig's disease. At that time, he was seen giving a thumbs up to the camera after a Berkshire Hathaway Energy employee soaked him with water.