Warren Buffett, the billionaire chairman, stated he plans to resign from his role as CEO of Berkshire Hathaway before the end of this year, transferring control of the $1.1 trillion multinational conglomerate to Greg Abel, a relatively quiet Canadian executive who has served as one of his key deputies for many years.
Over the last seven years, Abel, who is 62 years old, has been managing Berkshire’s BNSF railway as well as its confectionery brands like See’s Candies and Dairy Queen, alongside numerous other manufacturing and retail enterprises that Buffett purchased throughout the years.
He was raised in Canada with a background as a hockey player and discovered the importance of diligence through collecting returned bottles and working at a modest firm that refilled fire extinguishers. Today, he stands atop the hierarchy within the investment sector.
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Greg Abel, the vice chairman of Berkshire, addressed the shareholders at the yearly gathering of Berkshire Hathaway Inc. in Omaha, Nebraska, United States, on May 2, 2025. The photograph was taken by Reuters. |
In 2021, Berkshire officially announced Abel as Buffett’s successor following an inadvertent reveal by ex-Vice Chairman Charlie Munger during the yearly gathering. Following this announcement, Abel has mostly stayed in the background despite opportunities for shareholders to familiarize themselves with him through his joint appearances with Buffett at these events and in various discussions.
The Berkshire board will now deliberate on whether to officially confirm Abel as the incoming CEO who will assume leadership at year-end 2025.
The yearly gathering in Omaha held on Saturdays
Buffett stated he anticipates that happening with a unified vote.
Abel is set to move ahead and assume accountability for Berkshire’s diverse array of enterprises, which encompass almost 400,000 employees along with the company’s extensive stock holdings. For many years, both Buffett and the board members at Berkshire, who have dedicated significant effort towards identifying a replacement for Buffett, have commended Abel’s acumen and his exceptional ability to grasp various business operations.
Buffett once remarked that Berkshire is “incredibly fortunate” to have Abel prepared for succession, though he acknowledges that finding someone who can match his extraordinary history of surpassing market performance will be challenging. While Buffett expanded Berkshire over the years through strategic acquisitions and shrewd purchases of stocks at favorable prices, the company’s substantial growth has recently made it more difficult to identify opportunities significant enough to substantially impact the corporation’s financials.
Abel faces an enormous challenge ahead, yet nobody anticipates him replicating the achievements of Buffett, which transformed him into a multibillionaire and among the most successful investors in recent history. Two days prior to the announcement, longtime Berkshire board member Ron Olson expressed his belief that Abel was prepared for this role.
“No, there isn’t another Warren Buffett that I’m aware of,” Olson stated. “But he embodies many of the qualities we see in Warren. For one, he’s definitely honest and principled. Additionally, he’s incredibly diligent and always thinking several steps ahead strategically.”
For many years, Buffett has maintained that Abel’s primary responsibility upon becoming CEO will be to safeguard Berkshire’s distinctive decentralized culture, which thrives on autonomy, uprightness, and confidence. Indeed, Munger’s remark that hinted at Abel’s impending role was his statement that “Greg will maintain the culture.”
Leaders from various Berkshire subsidiaries like Brooks Running, Shaw Floors, and Borsheims Jewelry often consult Abel for complex strategic or operational issues within their businesses. He remains readily accessible despite his tendency to question them rigorously.
When reflecting on Greg, it’s clear he possesses sharp business skills along with exceptional business instincts,” stated Dairy Queen CEO Troy Bader on Friday. “Intuition plays a crucial role. While Warren certainly has this trait, Greg demonstrates an abundance of it too.
Although Abel rarely grants interviews, he showcased his extensive business acumen during discussions about utilities and railroads at the Berkshire gatherings. However, in 2018, when the Horatio Alger Association awarded him an honor, he provided insights into his personal history to the organization.
Abel’s family-centric background in Edmonton, Alberta, along with the values of diligence and persistence he was taught, mirrored Buffett’s experiences while helping out at his grandfather’s grocery store in Omaha during his childhood.
Abel stated in 2018 that he believes intense effort results in positive outcomes. Whether during his studies, participating in sports, or holding various business roles, he discovered that dedicating significant time and being thoroughly prepared increased the likelihood of achieving success.
Abel resides approximately two hours away from Buffett’s hometown of Des Moines, Iowa. Since 2011, Abel has been at the helm of Berkshire Hathaway Energy and also found time to assist with coaching youth hockey and soccer teams for his children. It is anticipated that he will maintain residence there due to Berkshire’s highly decentralized structure, which doesn’t necessitate relocating near its main offices in Omaha. Throughout much of his tenure, Buffett operated with just a small staff in his office, primarily dedicating himself to reviewing business documents and occasionally reaching out via telephone calls.
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