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Warren Buffett made a surprising announcement to his shareholders on Saturday, declaring his intention to step down from his position by year’s end. In his statement, Buffett indicated he would suggest to Berkshire Hathaway‘s board that Greg Abel take over as CEO when the year concludes.
The revelation came at the end of a five-hour Q&A session, with no subsequent discussion permitted. Buffett disclosed that only his children, Howard and Susie Buffett, who serve on the board, were privy to this decision beforehand. Abel, seated beside Buffett during the announcement, received no advance notice of this development.
“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.
Who is Greg Abel, the likely successor of Warren Buffett?
Greg Abel, a 25-year Berkshire stalwart aged 62, will likely assume leadership of the $865 billion conglomerate at year’s end. As Vice Chairman, investors and analysts anticipate he will maintain the company’s established practice of long-term investment strategies whilst continuing to withhold dividend payments to shareholders.
Born on June 1, 1962, in Edmonton, Alberta, Abel comes from modest beginnings. The Horatio Alger Association of Distinguished Americans, an educational non-profit that recognised Abel in 2018, notes that he earned money through various jobs, including cleaning bottles and servicing fire extinguishers.
Following his 1984 graduation from the University of Alberta, Abel worked at PricewaterhouseCoopers and CalEnergy. He joined MidAmerican Energy (now Berkshire Hathaway Energy) in 1992, which Berkshire acquired in 1999. After becoming MidAmerican’s chief in 2008, he now supervises Berkshire’s non-insurance ventures, including BNSF, Berkshire Hathaway Energy and numerous chemical, industrial and retail operations.
According to a Reuters report, In 2021, Abel was first named as Buffett’s successor for the chief executive position.
For years, Abel has been positioned as Buffett’s successor, overseeing all non-insurance operations at Berkshire. It was always assumed that Abel would assume the CEO post after Buffett’s passing, particularly as the 94-year-old consistently expressed no intention to step down.
Abel has effectively managed substantial portions of the organisation for some time. Whilst he hasn’t overseen insurance operations or investment decisions previously, he will now undertake these responsibilities. Vice Chairman Ajit Jain will continue providing support in supervising insurance divisions.
According to an AP report, investors express confidence in Abel’s capability to lead Berkshire, though his investment prowess remains untested. Buffett demonstrated his faith in Abel during Saturday’s announcement by committing to maintain his financial stake in the company.
Despite Abel’s respected status among Berkshire’s leadership and Buffett’s longstanding recognition of his business expertise, he faces significant challenges.
Matching Buffett’s historic investment success presents a formidable task, and with a smaller ownership stake compared to Buffett’s 30%, Abel will operate with reduced autonomy.
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