Who Is Greg Abel? Why Warren Buffett Handpicked Him to Run Berkshire - Not His Children

Berkshire Hathaway's New CEO: In a major announcement, billionaire investor Warren Buffet informed that he will be stepping down as the Chief-Executive-Officer and chairman of Berkshire Hathaway by the end of 2025.

The man who delivered 55,02,284 per cent return on Berkshire's stock from 1964 to 2024 in terms of per-share value, finally  decided to name pass on the mantle to close aid Greg Abel.

Warren Buffet Bets On Greg Abel: The Next CEO Of Berkshire Hathaway

At Berkshire Hathaway's annual meet this past weekend, Warren Buffett made an unexpected announcement. Abel, who was positioned as the Buffett’s successor for several years, was finally placed at the top position of one of the world's biggest conglomerates. It's currently valued at $865 billion. Abel, 62, has been a key pertinent figure at Berkshire for the last two decades, who is set to inherit a business empire that constitutes of firms in energy to insurance.

Early Days Of Greg Abel

Raised in Edmonton, Alberta, Abel's early days led to a solid work ethic, which he displayed in roles that involved bottle collecting, and service fire extinguishers, instilling in him the values of persistence. Later, he graduated with honors from the University of Alberta in 1984.Greg formally began his professional journey at PricewaterhouseCoopers before shifting to CalEnergy. He went onto become the President of this energy firm  In the same year, Berkshire Hathaway acquired a controlling stake in the company,  later renamed Berkshire Hathaway Energy. Abel’s expertise in the same led the firm to new heights.

Abel's Rise At Berkshire Hathaway

Abel's appointment as Berkshire Hathaway's CEO marks a fresh beginning for one of the most prized American conglomerates. Preceding his new role entailed over looking operations linked to manufacturing, and utilities to managing Berkshire Hathaway Energy, BNSF Railway and Dairy Queen. While Abel has kept a relatively low public profile, his consistent role in Berkshire Hathaway growth trajectory led him to be officially announced as the successor of Warren Buffet.

However, the shockwaves that Warren Buffet's exit from Berkshire Hathaway created resulted in a 2.6 per cent dip in pre-market trading on Monday.