Greg Abel, a dedicated team member, taking over from Warren Buffett

Greg Abel, a Canadian executive, is positioned to take the helm at Berkshire Hathaway following the retirement of Warren Buffet. Buffet indicated Abel as his chosen successor after the pandemic, making him the likely leader of the company in the upcoming year.

Buffett commended Abel in front of shareholders, noting that Abel’s work ethic surpasses his own, stating: “It’s working way better with Greg Abel than with me, because I don’t want to work as hard as he works.” Abel, who is 62 years old, has been responsible for managing Berkshire Hathaway’s non-insurance businesses, which include Duracell Batteries, Dairy Queen, and the BNSF Railway.

Abel’s background stems from Edmonton, Alberta, where he studied accounts at the University of Alberta, graduating with honors in 1984. Initially working as a chartered accountant at PwC in Edmonton, he later transferred to San Francisco to continue his career. During his tenure, Abel counted CalEnergy, a US energy group, as one of his clients. This experience eventually led him to an executive role at the company, before transitioning to Berkshire Hathaway when it acquired a controlling interest in CalEnergy in 2000. Abel has served on Berkshire Hathaway’s board of directors for the past seven years and also holds board positions at the Edison Electric Institute and Associated Electric & Gas Insurance Services Limited.

Expressing his intentions at the annual meeting, Abel shared his plans to take a more active role in the company’s diverse investments, acknowledging Buffett as a pivotal mentor, stating: “Warren has obviously been a remarkable teacher and I have benefited from that for years.” Daniel Hanson, a senior portfolio manager at Neuberger Berman, expressed full confidence in Abel’s leadership abilities.

The succession plan was set in motion four years ago when Charlie Munger, the former vice-chairman, inadvertently alluded to Abel as the heir apparent. Munger’s statement, “Greg will keep the culture,” hinted at Abel’s future leadership role within Berkshire Hathaway. Buffett later confirmed this by declaring that Abel would succeed him if the need arose, reaffirming that the board was in agreement.

Abel’s passion for hockey, a prevalent sport in Canada, provided him with insight into the importance of teamwork and leadership. Describing hockey as a sport that fosters strong relationships among teammates, Abel emphasized the significance of collaboration and hard work in achieving success.

As Berkshire Hathaway prepares for a change in leadership, Greg Abel’s proven track record, dedication, and leadership qualities position him as a suitable successor to Warren Buffett. Abel’s commitment to maintaining the company’s culture and values ensures a smooth transition and continuity within the organization.