New Delhi: Warren Buffett, often called the ‘Oracle of Omaha,’ is stepping down as CEO of Berkshire Hathaway after more than 60 years at the helm. The legendary investor will be succeeded by Gregory E. Abel, who currently serves as the company’s vice chairman.
Meet the Successor
Gregory E. Abel, 62, joined Berkshire Hathaway’s Board in January 2018 as vice chairman overseeing non-insurance operations. He was named Warren Buffett’s successor in 2021 after the news was accidentally revealed by former Vice Chairman Charlie Munger at the company’s annual meeting. Since then, Abel has largely worked behind the scenes, though shareholders have seen more of him through annual meetings and interviews with Buffett.
Board Vote Pending
Berkshire Hathaway’s board is set to vote on officially appointing Gregory Abel as the new CEO, with his takeover expected by the end of 2025. Speaking at the annual meeting in Omaha, Warren Buffett said he’s confident the board will approve the decision unanimously.
Abel’s Career Path
Gregory Abel started his career as a chartered accountant at PricewaterhouseCoopers before moving to CalEnergy in 1992 — the company that later became Berkshire Hathaway Energy. He entered the Berkshire fold when it acquired a controlling stake in MidAmerican Energy, where he was already serving as an executive. Abel eventually rose to become CEO of the renamed Berkshire Hathaway Energy and went on to become one of Warren Buffett’s most trusted lieutenants.
CEO of Berkshire Hathaway Energy
He later became the CEO of the company, which was eventually renamed Berkshire Hathaway Energy.