Latest news with #DesMoines-based
Fast Company
05-05-2025
- Business
- Fast Company
Who is Greg Abel, Berkshire Hathaway's new CEO who will succeed Warren Buffett?
Warren Buffett's announcement Saturday that he would be retiring as CEO of Berkshire Hathaway came as a surprise to lots of people, including the person who was elected to succeed him the next day. Greg Abel has been Buffett's right-hand man for many years and the public heir apparent for the past five, but Buffett, in making his announcement, said he hadn't told Abel the moment was coming. Buffett, 94, will stay on as chairman at Berkshire, but by the end of this year, Abel will be in the driver's seat – and will have a big legacy to follow. Buffett took over Berkshire Hathaway in 1965. Things began to take off in 1978, when he convinced his friend Charlie Munger to come on board. Together, the two created a company that was the envy of the investing world. The price of Berkshire Class B shares (NYSE: BRK-B), the most widely held shares of the company, has gone up more than 2,000% since they began trading in 1996. The price of Class A shares (NYSE: BRK-A), held by Buffett and institutional shareholders, is up 42,413% since they began trading in 1985. Abel is fairly well-known to people who closely follow Berkshire Hathaway, but he's less familiar to people who only know Buffett. Here's a look at the man who will try to fill Warren Buffett's shoes. Who is Greg Abel? Abel, 62, currently serves as vice chair of non-insurance operations at Berkshire. He's also the chair of Berkshire Hathaway Energy, which Buffett called one of the company's four 'jewels' in his 2021 shareholder letter. (The other three are Berkshire's property and casualty insurance businesses, Burlington Northern Santa Fe railroad, and the company's stake in Apple.) He has been the designated successor to Buffett for at least four years and has joined Buffett on stage at the company's investor meeting for the past several years, even before Munger's death in November 2023. Away from the office, he's a huge hockey fan and serves as assistant volunteer coach for his son's team in his hometown of Des Moines, Iowa. He's said to have a quick wit and nurtures strong personal relationships. 'He's not loud or bombastic, but he's 500% friendly,' Mark Oman, a retired Wells Fargo executive and friend of Abel's told Fortune. What is Greg Abel's background? Abel started his career at the PricewaterhouseCoopers consulting firm in Canada, eventually moving to the San Francisco office. He joined CalEnergy in 1992, which six years later would acquire Des Moines-based MidAmerican Energy Holdings (which would eventually be renamed Berkshire Hathaway Energy). He began running that company in 2009. In 2018, he was asked to join the Berkshire board. Why did Buffett pick Greg Abel to succeed him at Berkshire Hathaway? Abel's performance with Berkshire Hathaway Energy caught the eye of senior Berkshire executives. Through a series of acquisitions, he transformed that company into a major player in the power industry, with earnings of $5 billion in the first quarter of 2025. In 2023, Buffett told CNBC that Abel 'does all the work and I take all the bows.' He's also seen, in many ways, as the spiritual successor to the plain-spoken, non-flashy Buffett, ensuring the culture at Berkshire Hathaway doesn't change. What is Greg Abel's investment strategy? Abel, when asked Saturday to compare his approach to dealing with Berkshire's subsidiaries to Buffett's, said he saw himself as 'more active, but hopefully in a very positive way.' Buffett jokingly offer a more succinct answer: 'Better.' He later added, 'You really need someone that behaves well on top and is not playing games for their own benefit.' Munger, in 2023, told CNBC Abel was 'a tremendous learning machine' and one could 'argue that he's just as good as Warren in learning all kinds of things.' Abel's not expected to pick the companies that go into the Berkshire portfolio. That will be handled by Todd Combs and Ted Weschler, who already help Buffett with that.
Yahoo
19-04-2025
- Business
- Yahoo
Select intersections along First Ave. E. to receive ADA signal improvements
Apr. 19—Five signalized intersections along First Avenue East in Newton will get ADA signals with audible sound and pedestrian countdown heads installed, and a significant portion of the project will be paid for with a more than $102,000 Traffic Safety Improvement Program (TSIP) grant. Affected streets include intersections at East Eighth Street, East 12th Street, East 14th Street, East 19th Street and East 23rd Street on First Avenue East. According to city council agenda documents, those with specific disabilities may find it difficult to know when it is safe to cross the intersection without the ADA signals. The loud sounds and countdown signal improvements are commonly used to help people with disabilities to cross the street. Three bids were received by the city: the Des Moines-based Kline Electric for $149,506; the Newton-based Van Mannen Electric for $150,600; and the Grimes-based Iowa Signal for $171,404. The engineer's construction cost estimate was $173,572.50. Much of the costs will be covered by the grant. The TSIP grant — funded with Road Use Tax funds — covers exactly $102,420. Even though Kline Electric was the lowest responsive, responsible bidder, council member Stacy Simbro asked why the council couldn't choose the local bid from Van Mannen, which was only $1,094 higher than the low bid. Jody Rhone, the acting public works director, said the city does have a 5 percent local preference policy. "In our current policy, that excludes projects because when that was created we did not want to get into any issues violating public bidding laws," Rhone said. "So those were intentionally excluded. We've had some discussion with the city attorney, and we may be looking at revising that policy." However, because there is a DOT grant on this particular project and the project has already been bid, Rhone said changing that policy midstream would not be kosher. The city is following its policies and public bidding laws, but choosing another bidder would not work in this particular situation. Simbro said, "So because it is a DOT grant that has its own rules and keeps us from looking at it? OK. Thank you." The council approved the project in a 6-0 vote. The remaining funds not paid for by the grant will be paid using 2022 bond proceeds.
Yahoo
18-04-2025
- Business
- Yahoo
Des Moines company faces hefty fines after back-to-back explosions injure 2 workers
A company is facing over $166,000 in fines after two of its employees were badly burned while inspecting a propane tank that exploded twice. On Aug. 22, 2024, a resort on the Kitsap Peninsula hired Des Moines-based Calhoun Tanks & Services Inc., to inspect an 18,000-gallon underground propane tank to determine if it could be put back into use. When the two employees cut open piping to the underground tank, propane leaked, which caused flammable gas and vapor to spread throughout a fenced area where above-ground tanks sit. The gas and vapor activated a battery in the vaporizer, which caused it to explode. No one was hurt in this explosion. According to the Department of Labor and Industries (L&I), the owner of Calhoun looked at the vaporizer but did not modify settings. Work continued with no changes and a second explosion happened two hours later, this time, seriously injuring two employees. One worker was hospitalized with burns to 30% of his body and spent more than a month in the intensive care unit. The other suffered burns to his arms and was treated and released from the hospital the same day. 'Exposure to hazards of this nature can lead to serious injuries involving permanent disability, death, or chronic irreversible illness,' the citation from L&I said. In total, Calhoun has been told to pay $166,423 in fines for 'willful serious' and 'serious' workplace injuries. The money collected from the claims will go to a workers' compensation supplemental pension fund. L&I claims: Employer did not evaluate predictable hazards while conducting pre-entry operations for permit-required confined space entry Employer did not eliminate or control all sources of ignition while working in a liquid propane tank storage area where flammable gases/ vapors may be present Calhoun has said it will appeal L&I's decision. 'It didn't just happen once. The employer knew the risks and allowed it to happen again,' said Craig Blackwood, assistant director for L&I's Division of Occupational Safety and Health. 'These workers will carry those scars the rest of their life because their employer ignored commonsense rules to keep them safe.'
Yahoo
21-02-2025
- Business
- Yahoo
Talkin' trash: Newton considers other options for waste disposal provider
Feb. 21—Instead of renewing another contract with longtime solid waste collector Dodd's Trash Hauling and Recycling, the City of Newton solicited proposals from other waste management companies and will ask council members to decide which one will serve residents. Regardless of the decision, utility bills will be increasing. In addition to the proposal from its current provider, the city received responses from the Pella-based Midwest Sanitation & Recycling and the Des Moines-based Waste Management & Recycling Services. Public Works Director Joe Grife gave a presentation on each provider and showed how much it would cost residents. The city's current contract with Dodd's Trash Hauling & Recycling allows for weekly collections of a 35-gallon bin of solid waste and an 18-gallon tote of recycled materials. Dodd's services about 5,600 properties in Newton, and it also picks up trash and recyclables at city parks and receptacles around the square. "They also do leaf bag collection in the spring and fall and the Christmas tree collection in the winter," Grife said to council members at their Feb. 17 meeting. "So last December we sent out RFPs (request for proposal). We sent them directly to local haulers that we see quite a bit. We also posted online." Newton asked for a base proposal that matched the current contract services provided by Dodd's and then also asked for an alternate proposal for 35-, 65- and 95-gallon bins that would be collected. Grife also shared what the estimated fees would look like for each service provider over a five-year contract. Currently, residents are being charged $15.16 per month for solid waste disposal. The city pays Dodd's $12.58 per unit, which equates to $71,790 per month. The city budgets $1.03 million for solid waste disposal. RATES TO THE CITY, NOT TO THE RESIDENTS Dodd's proposed the city pay $15 per month per unit, with an annual increase based on the Consumer Price Index for All Urban Consumers (CPI-U). Grife said these types of increases will vary based on economic factors like inflation. Also, Dodd's provided no information for the city's alternative proposal. Despite the low rate, Grife said Dodd's price-per-gallon of solid waste is actually the highest of the three proposals. Grife also said Dodd's has been in business since 1967, employs Newton residents and has partnered with the city on numerous occasions. Unlike the most trash haulers in the state, Dodd's is only a manual collection-based service. Historically, Dodd's has shied way away from automated service in favor of keeping people employed, particularly those who need a second chance or have difficulty finding work due to their pasts or other circumstances. Midwest Sanitation provided the city with a manual collections-based proposal of $20.58 per month for every 35-gallon bin of solid waste and 18-gallon bin of recycled materials. The company also proposed a 3 percent annual increase in a five-year contract with the city. In the alternative proposal, Midwest Sanitation offered a monthly rate of $17.75 for 35-gallon and 95-gallon bins and $17.50 for 65-gallon bins. Grife said Midwest Sanitation has been in business since 1981 and has Jasper County residents employed with them. The provider also frequents the city landfill. "They also provided service to Iowa Speedway the past few years for some of their bigger events," Grife said. "They can provide services to collect three sizes of bins but they have a little bit higher rates than everybody else." Waste Management did not provide a manual collection proposal. Typically, the company does not provide collection services for 35-gallon bins. The proposed city rate was $14.98 per unit for 65- and 95-gallon bins. Grife said Waste Management typically provides bi-weekly recycling, but that can be changed. Known by its more common name, WM, the company operates nationwide. It was founded in 1968 in Chicago, and it is currently headquartered in Texas. Grife said even though it is a nationally recognized waste management company it also has local employees. Grife said it also has state-of-the-art equipment. "They have the lowest cost-per-gallon, but like I said they did have a bi-weekly collection of recycling," Grife said. ESTIMATED RATES FOR RESIDENTS Residents of Newton will be paying more for solid waste disposal and recycling services. Grife stressed this fact to council members. The waste disposal fee is added onto resident water bills, which factor in all utilities into one bill. Utility bills charge Newton residents for water, sewer, sanitation and stormwater. Grife estimated residents would pay $18.05 per month if the city chose Dodd's, but they would be limited to only a 35-gallon bin. By the end of the five-year contract, the fee to residents could climb to $20.08. Midwest Sanitation would cost residents $20.80 per month for a 35-gallon bin ($23.41 by Year Five); $23.15 per month for a 65-gallon bin ($26.06 by Year Five); and $25.85 per month for a 95-gallon bin ($29.09 by Year Five). Waste Management would cost $20.65 per month for a 65-gallon bin ($25.10 by Year Five) and $23.05 per month for a 95-gallon bin ($28.02 by Year Five). "We're going to see an increase no matter who we pick," Grife said. MUCH TO CONSIDER By the March 3 city council meeting, officials will meet once again to discuss and possibly take action on which proposal they like best. Grife said his intention with the presentation was to provide all the proposals for council to review and then collect questions for the trash hauling companies. Representatives from each hauler will be at the future meeting to help answer any questions and also "state their case," Grife added. Newton City Council is now tasked with finding the best provider for its residents. Not only are they factoring in costs, but they also have to consider the scope of services. Automated service is a streamlined approach that nearly every community in the state has adopted. Is a manual approach outdated? Then again, a manual approach seems to provide for additional jobs. Bigger bins means more trash is collected. Midwest Sanitation and Waste Management provide those bins to every customer, which means more consistency and perhaps less chance of toppling over. It also means higher volume of recycling. While some potential employees may see the value in working a manual service with another person alongside them, others may see the benefits of staying in the truck cab for automated service collections during the hot summer months and cold winter months. However, Dodd's is quite literally a mom-and-pop business in Newton. Which is why some are taking community impact into consideration. Council member Randy Ervin pointed to how Dodd's has worked with large events like RAGBRAI in the past and he questioned if the other two companies would do the same for Newton. He also wondered if they would participate in other events. "When we all get said and done — if you're comparing apples to apples and 35-gallon things — we have a commitment to this community to stay local," Ervin said. "Not picking on Pella. Not picking on Des Moines. I'm just saying it's going to take a tall order from me to understand why we would go away from Dodd's." Grife said the March meeting would allow the other haulers to explain what it is they do for the communities they service.
USA Today
28-01-2025
- Politics
- USA Today
When was Tom Vilsack governor? U.S. Agriculture Secretary returns to Iowa for new role.
When was Tom Vilsack governor? U.S. Agriculture Secretary returns to Iowa for new role. Show Caption Hide Caption Biden picks Vilsack as Sec. of Agriculture to face COVID-19 challenges Sen. Chuck Grassley introduces Tom Vilsack, whose job under President Joe Biden certainly isn't the same one he had under President Barack Obama. staff video, USA TODAY Former Iowa governor and two-time U.S. Secretary of Agriculture Tom Vilsack will become the CEO of the Des Moines-based World Food Prize Foundation, the organization announced Tuesday. Vilsack takes the newly created role effective March 1. He succeeds Terry Branstad, who served as the group's president. Branstad, another former Iowa governor and President Donald Trump's ambassador to China during his first term, announced in November that he would step down as president of the organization on Jan. 31, 2025, a position he has held since February 2023. Paul Schickler, the foundation's board president, said Vilsack has deep knowledge of complex food, hunger and farm issues and the diplomatic skills needed to find solutions. What is the World Food Prize Foundation? Considered the Nobel prize of agriculture, the $500,000 World Food Prize annually recognizes innovators and advocates for their efforts in addressing food insecurity. Founded in 1986 by Iowa native and Nobel Peace Prize winner Norman E. Borlaug, the organization holds an annual ceremony at the Iowa Capitol and attracts global leaders in the fields of food and agriculture. 2024 World Food Prize winners: Preserving seed diversity key to adapting to climate change Where is Tom Vilsack from? Tom Vilsack was born on Dec. 13, 1950, in Pittsburgh. He was placed in a Catholic orphanage several days after birth and was adopted as an infant by Bud and Dolly Vilsack. In October 1968, Vilsack met Ann Christine Bell while attending Hamilton College in New York. They married in August 1973 in her hometown of Mount Pleasant, Iowa. Vilsack received a law degree from Albany Law School in 1975, and the couple moved to Mount Pleasant that same year, where Vilsack began practicing law with his father-in-law, Tom Bell. From 2016: 8 things to know about Tom Vilsack How old is Tom Vilsack? Vilsack celebrated his 74th birthday in December. Among former President Joe Biden's cabinet, only Treasury Secretary Janet Yellen, who is 78, was older than Vilsack. Tom Vilsack compelled into politics after a shocking murder Vilsack was first introduced to public service in 1978 after he played a key role in raising funds to build a new sports complex in Mount Pleasant. Nearly a decade later, the Mount Pleasant community was suffering through a tragedy after Mount Pleasant Mayor Edward King was shot and killed by a disgruntled resident during a City Council meeting. Vilsack led the initial radio fundraising push to build a memorial fountain for King in Mount Pleasant. Afterward, King's father approached the local attorney to recruit him to run for mayor. 'If Iliff King (Edward's father) hadn't walked into my office with tears in his eyes,' Vilsack told the Register in 2015, 'I wouldn't have given it a second thought.' King's death pulled Vilsack into politics, and he was elected mayor of Mount Pleasant in 1987. Vilsack joined the Iowa Senate in 1992 and was re-elected two years later. Tom Vilsack was Iowa's first Democratic governor in three decades In 1998, Branstad, then the Republican governor, chose not to see reelection. Vilsack won the Democratic nomination and narrowly won the general election against Republican Jim Ross Lightfoot. He became the first Democrat to serve as governor of Iowa in 32 years. Vilsack served as Iowa governor from 1999 to 2007, winning reelection in 2002. In 2004. Vilsack served as chairman of the Democratic Governors Association and was a finalist to be presidential candidate John Kerry's running mate in 2004. Tom Vilsack once ran for US president In November 2006, Vilsack entered the 2008 presidential race. His campaign focused on overhauling energy policies, critiquing then-President George W. Bush's handling of the War in Iraq and the economy. After struggling to raise money in a crowded nominating field, he quit the race after just 96 days and endorsed Hillary Clinton before endorsing Barack Obama when Clinton withdrew. Tom Vilsack led the U.S. Department of Agriculture — twice After taking office, Obama selected Vilsack to head the U.S. Department of Agriculture. During his first term leading the USDA, the department focused on rural development, revamping nutrition programs, and addressing the needs of smaller farms. "He is the single best Secretary of Agriculture," then Vice President Joe Biden told The Des Moines Register in 2014. "I've been here for eight presidents. There's nobody that has been his equal." Vilsack was the longest-serving member of Obama's original Cabinet. After leaving the Obama administration, Vilsack became president and CEO of the U.S. Dairy Export Council. He was criticized for his role in the 2010 ouster of the USDA's Georgia state director of rural development, Shirley Sherrod, who is Black, after a misleadingly edited video released by conservative blogger Andrew Breitbart gave the impression she had withheld help from a white farmer. Vilsack later offered to rehire Sherrod, but she declined. After Biden was elected president in 2020, Vilsack was again chosen to lead the USDA. When his term ends, Vilsack will be the second longest-serving U.S. Secretary of Agriculture in U.S. history, only being surpassed by fellow Iowan James Wilson, who served in that role from 1897-1913. Des Moines Register Reporter Donnelle Eller contributed to this report. Cooper Worth is a service/trending reporter for the Des Moines Register. Reach him at cworth@ or follow him on X @CooperAWorth.
