Jan 10, 2018 · Abel, a native of Edmonton, Alberta, joined Berkshire Hathaway through its acquisition of MidAmerican Energy in 1999. A trained accountant, Abel was named CEO of Berkshire's energy...
Apr 28, 2022 · Abel is chairman of Berkshire Hathaway Energy and oversees Des Moines-based MidAmerican Energy. He came to Berkshire Hathaway when it acquired MidAmerican Energy Holdings in 2000....
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May 3, 2021 · Warren Buffett finally has an official successor at Berkshire Hathaway. On Monday, the 90-year-old investing icon put to rest years of speculation over who would eventually take the reins from...
- Tom Huddleston
Apr 27, 2020 · Abel could get questions from holders about the utility and energy business. Berkshire Hathaway Energy owns utilities in Iowa, the Pacific Northwest, and in the U.K., as well as operating two ...
- Greg Abel is Warren Buffett's Successor at Berkshire Hathaway
- Early Life and Education
- Notable Accomplishments
- Who Is Warren Buffett’s Successor?
- What Is Greg Abel's Net Worth?
- How Much Is Warren Buffett Worth?
- The Bottom Line
Investors around the world have wondered for years who would take the reins of Berkshire Hathaway ( BRK.A , BRK.B) once its current 91-year-old CEO (and the world's fifth-richest man) Warren Buffett passes away or retires. 1
On May 1, 2021, they got their answer. At the annual Berkshire Hathaway shareholder meeting, executive vice chair of Berkshire Hathaway Charlie Munger made an offhand comment indicating the man succeeding Buffett as CEO would be Berkshire's 59-year-old vice chair of Non-Insurance Business Operations, Greg Abel. Buffett confirmed the news in a CNBC interview the following Monday. 2 3
If the actual remark—"Greg will keep the culture," Munger said, discussing Berkshire's decentralized operating structure—was a surprise, the individual in question isn't. 3 Abel had long been considered one of the front-running heirs apparent for CEO, along with his fellow board member Ajit Jain, Vice-Chair of Insurance Operations. 4
Neither Buffett nor Munger gave any indication of exactly when Greg Abel would assume the head post. Still, let's meet the man who is poised to preside over one of the largest U.S. corporations in the post-Buffett era.
Born June 1, 1962, and raised in Edmonton, Canada, Gregory Abel graduated from the University of Alberta in 1984 with a commerce degree. He became an accountant and, after a stint with Big Four accounting firm PwC (PricewaterhouseCoopers), joined a small electricity company, CalEnergy, in 1992. He rose to become president of the business in 1998, which expanded into a variety of energy operations, changing its name to MidAmerican Energy Holdings (after one of the firms it acquired). 5
Abel became part of Berkshire Hathaway when the conglomerate bought MidAmerican in 2000. 6 The firm eventually was re-dubbed Berkshire Hathaway Energy (BHE). 7 Abel served as its Chief Executive Officer from 2008–2018. He currently serves as its chair. 2 With subsidiaries focused on coal, natural gas, hydroelectric, wind, solar, geothermal, and nuclear energy, BHE had about 23,800 employees and reported more than $20.9 billion in revenue in 2020. 8 9
That ability continued at Berkshire. BHE has accounted for/been involved in some of Berkshire's largest acquisitions, including PacifiCorp in 2005, Nevada utility NV Energy in 2013, and Dominion Energy’s pipeline business in 2020. 10 11
Abel also nurtured Home Services, a small real estate brokerage that came with the purchase of another company; it's now one of Berkshire's most successful holdings. 12
Both at MidAmerican and at Berkshire, Abel was mentored by David Sokol, who seemed a likely successor to Warren Buffett until his resignation from Berkshire in 2011. 13 Sokol was singing Abel's praises to Buffett as early as 2007.
Greg Abel's compensation in 2020. It includes $16 million in base salary and a $3 million bonus, according to Berkshire's SEC filings. 14
In 2021, Greg Abel, chair of Berkshire Hathaway, was named Warren Buffett's eventual successor. 9
Greg Abel's net worth is estimated to be between $484 million. 20
As of August 2022, Warren Buffett's net worth is estimated to be just over $102 billion. 1
Greg Abel will face challenges when he steps into the big role. An increasingly activist group of Berkshire shareholders is agitating for the company to spend more of its considerable cash reserves, to reduce its carbon footprint, and to promote diversity. All this, along with the fact that he's not Warren Buffett.
But then, he won't be inheriting Buffett's exact role. The job Buffett did will probably be divvied up among various people. Abel will be the CEO of Berkshire, but Buffett's son Howard is likely to be named Berkshire Chair of the Board.
Jain seems likely to continue as vice chair of the insurance operations, and his job could expand further. He's also been cited as next in line for CEO, should anything happen to Abel. 3
Finally, there may well be a bigger role for Todd Combs and Ted Weschler. Both of these men are investment managers for Buffett and have been taking on greater responsibilities in managing smaller companies in the Berkshire portfolio. 21 22 It is possible that both will be given more responsibility after Buffett’s departure.
May 27, 2021 · Abel has been its CEO since 2008. 4. He was named to the board in 2018 After a decade proving his worth as the CEO of BHE, Abel was appointed to Berkshire Hathaway’s board of directors in 2018. At the same time, he assumed the role of vice chairman for non-insurance operations.