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Warren Buffett, the world’s most famous investor, has revealed his decision to step down as Berkshire Hathaway‘s CEO by year-end, appointing Greg Abel, a 62-year-old low-key Canadian executive and one of his trusted associates, as his successor.
Berkshire acknowledged Abel’s position as Buffett’s successor in 2021, following Charlie Munger’s inadvertent disclosure during the annual meeting. Although Abel has maintained a relatively low profile under Buffett’s leadership, shareholders have had opportunities to become acquainted with him through his appearances at annual meetings and media interactions.
The Berkshire board is set to conduct a vote regarding Abel’s formal appointment as the new CEO, with the transition planned for the end of 2025. At the Omaha annual meeting, Buffett expressed confidence in receiving unanimous board approval.
In his new role, Abel will assume control of Berkshire’s diverse collection of enterprises, overseeing nearly 400,000 employees and managing the organisation’s substantial stock investments.
The board members, who have invested considerable time in identifying Buffett’s replacement, have consistently praised Abel’s exceptional intelligence and comprehensive understanding of various business operations.
Also Read | From Apple to Dexter Shoes: Warren Buffett’s top wins and biggest blunders in 60 years of investing
Abel faces a significant challenge in succeeding Buffett, who previously acknowledged Berkshire’s good fortune in having Abel as successor. However, replicating Buffett’s exceptional market performance will prove difficult. Berkshire’s substantial size has recently limited opportunities for impactful acquisitions and investments that could significantly affect the organisation’s financial results.
As Buffett has consistently emphasised, Abel’s primary responsibility as CEO will be maintaining Berkshire’s distinctive decentralised structure, which emphasises autonomy, integrity and trust. Munger’s revealing statement about Abel’s future position highlighted that “Greg will keep the culture.”
So who is Greg Abel? Here are 10 things to know about Warren Buffett’s successor:
- Greg Abel, born on June 1, 1962, in Edmonton, Alberta, had a humble upbringing. According to the Horatio Alger Association of Distinguished Americans, an educational non-profit organisation that honoured him in 2018, he supported himself through various positions, including bottle cleaning and fire extinguisher maintenance.
- Abel’s early life in Edmonton, Alberta, centred around family values and understanding the importance of diligence, paralleling Buffett’s formative experiences at his grandfather’s Omaha grocery establishment.
- “I think hard work leads to good outcomes. In my schooling, in sports, and in my business positions, I learned that if I put in a lot of work and was well-prepared, then success would be more likely,” Abel said in 2018.
- A former hockey player from Canada, Abel developed his work ethic through early jobs collecting discarded bottles and servicing fire extinguishers at a small firm. His journey has now led him to a prestigious position in the global investment sector.
- After completing his studies at the University of Alberta in 1984, Abel initially worked at PricewaterhouseCoopers and CalEnergy.
- His journey with MidAmerican Energy (currently known as Berkshire Hathaway Energy) began in 1992, which Berkshire later acquired in 1999.
- He ascended to the position of MidAmerican’s chief executive in 2008, and presently oversees Berkshire’s non-insurance enterprises, including BNSF, Berkshire Hathaway Energy and various chemical, industrial and retail businesses.
- Abel has spent the previous seven years supervising Berkshire’s diverse portfolio, including BNSF railway, See’s Candies, Dairy Queen, and numerous other manufacturing and retail enterprises that Buffett accumulated throughout his tenure.
- Based in Des Moines, Iowa, approximately two hours from Buffett’s hometown, Abel has managed Berkshire Hathaway Energy since 2011 whilst actively participating in his children’s sporting activities as a coach.
- Given Berkshire’s decentralised structure, he is likely to remain there rather than relocate to Omaha headquarters. Buffett’s office operated with minimal staff as he focused on reviewing business documents and occasional telephone communications.
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