Who is Greg Abel, Warren Buffett's successor as Berkshire Hathaway CEO? His net worth is…
Warren Buffett, one of the world's most well-known businessmen, has said he will step down as the CEO of Berkshire Hathaway by the end of this year. The 94-year-old has been leading the company since 1965. The news surprised many, especially since the announcement was made at the company's annual shareholders' meeting on Saturday (May 3). Buffett has always been strongly connected to the company, so the news felt unexpected.
Buffett is often called the 'Oracle of Omaha', named after his hometown in Nebraska, USA. Under his leadership, Berkshire Hathaway became a USD 1.18 trillion company. It owns many different businesses, such as railroads and the battery company Duracell. The company also made big investments in well-known companies like Apple and Coca-Cola.
Now, Buffett has announced that Greg Abel will take over as CEO by the end of the year. Abel is currently Vice Chair of Non-Insurance Operations and also leads Berkshire Hathaway Energy. According to a BBC report, Abel, who was sitting right next to Buffett on stage, looked surprised when the news was shared. Here's more about Greg Abel and why this leadership change matters: 1. Simple and hardworking background
Greg Abel was born on June 1, 1962, in Edmonton, Alberta, Canada. He comes from a working-class family. As a young boy, he did small jobs like cleaning used bottles and filling fire extinguishers. This information was shared by the Horatio Alger Association of Distinguished Americans, which gave him an award in 2018.
He studied at the University of Alberta. After college, he worked at the consulting firm PricewaterhouseCoopers and later joined an energy company called CalEnergy. In 1992, he became part of Berkshire Hathaway Energy (which was called MidAmerican Energy at that time). The company later became fully owned by Berkshire Hathaway. 2. Slow and steady rise within the company
Over time, Greg Abel took on more responsibilities. He has been looking after several businesses at Berkshire Hathaway, including its chemical, industrial, and retail divisions. In the past year, he also started helping with some of Buffett's key responsibilities, especially in investment decisions.
Buffett said last year that he wanted Abel to make the final decisions about which public stocks the company should invest in. People who work with Abel say he is very focused, asks thoughtful questions, and wants to deeply understand how each business works.
For a long time, there were rumors that Abel might be Buffett's successor. Back in 2015, Charles Munger, Buffett's long-time business partner and Vice Chairman of Berkshire, said that the company's future leaders would be very capable. He called both Greg Abel and Ajit Jain 'world-class' performers. Munger passed away in 2023. Ajit Jain, who is 73 years old and originally from India, studied at IIT Kharagpur. He is also currently serving as Vice Chairman at Berkshire Hathaway. 3. Stepping into big shoes
After the news came out, many people shared kind words and praised Warren Buffett for his long and successful career.
Jamie Dimon, the CEO of JPMorgan Chase, said:
'Warren Buffett shows what is best about American business and the country itself. He invested in companies and helped them grow with honesty, hope, and simple good sense.'
Buffett's work over the decades has inspired people around the world. Now, as Greg Abel gets ready to lead the company, he knows he is stepping into the shoes of a true legend. Apple CEO Tim Cook wrote on X:
'There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It's been one of the great privileges of my life to know him.'
Now, Greg Abel is preparing to take charge of a massive company worth \$1.18 trillion. He will have the tough job of following in the footsteps of a legendary business figure like Warren Buffett.
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