Meet Greg Abel, Warren Buffett’s successor and heir apparent to Berkshire Hathaway

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  • Warren Buffett He named Greg Abel, 61, as his successor at Berkshire Hathaway in 2021.
  • Abel started as an accountant before taking over as CEO of Berkshire Hathaway Energy.
  • The Canadian businessman may be getting more attention with the death of Charlie Munger.

Warren Buffett. It may be the same as Berkshire Hathaway, but the 93-year-old has identified his successor.

That’s the guy. Greg Abel61. The Canadian businessman is currently the chairman of Berkshire Hathaway Energy and the vice chairman of non-insurance operations at Berkshire Hathaway.

By 2021, Buffett said. CNBC that Abel was his heir.

“The directors have agreed that if something happens to me tonight, Greg will take over tomorrow morning,” Buffett told CNBC’s Becky Quick.

And now, with Overcoming Buffett’s longtime business partner, Charlie Munger On Tuesday, Abel can often be distracted.

From accountant to Berkshire acolyte

Abel graduated from the University of Alberta in 1984 with a degree in Commerce. Alma Mater Alumni Magazine About his passion for accounting.

“I had a strong interest in finance but when I realized how important it was to understand things like income and cash flow statements, accounting took over,” says Abel, who started his career at PricewaterhouseCoopers.

In the year In 1992, the certified public accountant joined CalEnergy, a geothermal-electricity producer. CalEnergy adopted the latter name in the process and acquired MidAmerican Energy in 1999.

Abel found himself in Buffett’s orbit when Berkshire Hathaway bought a controlling interest in Mid-American Energy that same year. Abel took over Mid American in 2008, which was renamed Berkshire Hathaway Energy in 2014.

Abel would serve as CEO of Berkshire Hathaway Energy for two decades until he stepped down in 2018. He is currently Berkshire Hathaway Energy’s chairman and has been on the company’s board since 2000.

In the year In 2018, Abel won a seat on Berkshire Hathway’s board and was named vice chairman of the conglomerate’s non-insurance operations.

Better Warren Buffett.

Abel was popular with his Berkshire colleagues, including Buffett’s right-hand man Charlie Munger.

“Greg is sensational as a business leader, both as a thinker and as a doer.” Menger spoke of Abel. During this year’s Berkshire Hathaway Annual Meeting. “He’s just an amazing learning machine — you could argue he’s as good as Warren at learning all kinds of things.”

“There are some things that are better than Warren, and Warren knows that, and he’s going to throw everything that Greg can do better, and that’s a lot,” Munger continued.

Munger was once tipped as a possible successor by Buffett, though the latter said he should pass Munger in favor of a younger man. Annual shareholder letter From 2007

Buffett recently wrote about the future of the company press release On November 21.

“Berkshire – one of the largest and most diverse companies in the world – will inevitably encounter human errors in judgment and behavior. These are common in all large organizations, public and private. But these errors cannot be serious at Berkshire and will be recognized. And corrected,” Buffett said in a press release. He said in the statement.

“We have the right CEO to succeed me and the right board of directors as well. Both are needed,” Buffett added.

Representatives for Abel did not immediately respond to Business Insider’s request for comment outside of regular business hours.

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