Greg Abel, born in 1962 in Edmonton, Alberta, is set to succeed Warren Buffett as the CEO of Berkshire Hathaway. A seasoned business leader, Abel joined the company through its energy division, eventually rising to Vice Chairman of Non-Insurance Operations in 2018. He is known for his operational expertise and strong leadership, Abel was confirmed by Buffett in 2021 as his successor.
Roles and responsibilities
Abel’s leadership has been instrumental in Berkshire Hathaway’s energy investments, especially in renewable energy, which aligns with his long-term growth strategy. He will oversee the company’s vast portfolio, which includes iconic brands such as Geico, Dairy Queen, and BNSF Railway, while working closely with investment managers Todd Combs and Ted Weschler on the company’s stock portfolio.
Abel’s deep understanding of Berkshire Hathaway’s culture and operational focus makes him a natural choice for the role. As he takes the reins, Abel is tasked with maintaining the company’s legacy while navigating future opportunities and challenges, particularly in sustainability and innovation.
Education and Early Life
Gregory Abel, is graduated with a commerce degree from the University of Alberta in 1984. He began his career as an accountant at PwC before joining CalEnergy in 1992, a small electricity company. Abel quickly rose through the ranks and became president in 1998. Under his leadership, CalEnergy expanded its operations and rebranded as MidAmerican Energy Holdings after acquiring other firms.
In 2000, Berkshire Hathaway acquired MidAmerican, and the company was subsequently renamed Berkshire Hathaway Energy (BHE). Abel became CEO of BHE in 2008, overseeing its diverse energy portfolio, which includes coal, natural gas, hydroelectric, wind, solar, geothermal, and nuclear energy. During his tenure, BHE grew significantly, employing around 24,000 people and generating more than $25 billion in revenue by 2022. Abel currently serves as the chair of BHE and continues to play a key role in shaping its operations.