Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel’s strengths lie more in running businesses.
Investors had speculated in recent years that Warren E. Buffett might eventually retire. But the 94-year-old billionaire still surprised many on Saturday, when he announced that he planned to step down as chief executive of Berkshire Hathaway after nearly six decades.
Less surprising is who he said he intended to succeed him as the leader of the $1.1 trillion conglomerate he built: Gregory E. Abel, his yearslong heir apparent.
Who is Greg Abel?
Since 2018, Mr. Abel, 62, has been vice chairman of Berkshire’s non-insurance companies, the 189 operating businesses that include the BNSF railroad, one of the nation’s largest; Berkshire Hathaway Energy, a giant power utility; restaurant chains and retailers like Dairy Queen and the Borsheims jewelry chain; consumer brands such as Fruit of the Loom underwear, Brooks running shoes and Justin Boot; NetJets, the private jet service; and more.
Mr. Abel’s vast responsibilities came after a steady rise through Berkshire’s ranks. A native of Edmonton, Alberta, and an accountant by training, he joined the conglomerate in 2000 when Mr. Buffett bought a controlling stake in what was MidAmerican Energy, where he was president.
Mr. Abel was named vice chairman of Berkshire in 2018, anointing him as a potential successor to Mr. Buffett, a status that Mr. Buffett confirmed in 2021. “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Mr. Buffett told CNBC at the time.
Aside from his work experience, Mr. Abel is known for his love of hockey, which he played as a child: He is a volunteer coach for his son’s team in Des Moines, where he lives and where Berkshire Hathaway Energy is based.