Mirror Review
May 5th, 2025
In a significant announcement that marks the end of a legendary tenure, Warren Buffett, the iconic investor known as the “Oracle of Omaha,” revealed he will be stepping down as CEO of Berkshire Hathaway at the end of 2025. After 60 years of transforming the company from a struggling textile mill into a $1.16 trillion global conglomerate, the 94-year-old leader named his successor: Gregory Edward Abel (Greg Able), the current Vice Chairman of Non-Insurance Operations. This transition places Greg Abel at the helm of one of the world’s most influential companies, and here are some essential Greg Abel facts to know.
Key Details of the Transition
First, here’s a quick look at the main points from the announcement:
- Timeline: Warren Buffett plans to retire by the end of 2025.
- Successor: Greg Abel, 62, was officially named as the next CEO, a move anticipated since 2021.
- Buffett’s Role: While stepping down as CEO, Buffett stated he has “zero” intention of selling his Berkshire shares and plans for them to be given away philanthropically. He expects to “conceivably be useful in a few cases” even after Abel takes over.
- Conglomerate Status: Berkshire Hathaway currently holds a vast portfolio and a significant cash pile, reported at $347.7 billion.
- Board Confidence: Buffett expressed strong confidence that the board will unanimously approve Greg Abel’s appointment.
Getting to Know Greg Abel
Stepping into the shoes of the Oracle of Omaha is undoubtedly a monumental task. There’s truly no other Warren Buffett.
However, Buffett himself has expressed immense confidence in Greg Abel, stating, “I think the time has arrived where Greg should become the chief executive officer of the company at year end”. Adding praise for his successor, he noted, “The fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better”.
Responding to the announcement, Abel stated, “I couldn’t be more humbled and honoured to be part of Berkshire as we go forth”.
So, who is the man chosen to lead the Berkshire empire?
Unlike the globally famous Buffett, Abel has maintained a relatively low profile. Hailing from Edmonton, Canada, he comes from a working-class background, an experience he credits with instilling core values.
His journey with Berkshire began indirectly in 1992 when he joined MidAmerican Energy. Berkshire Hathaway acquired a controlling stake in the firm (later renamed Berkshire Hathaway Energy or BHE) in 1999/2000.
Abel rose to become CEO of BHE in 2008, eventually becoming Vice Chairman of all of Berkshire’s non-insurance operations in 2018.
In this role, he has overseen a diverse portfolio including BNSF Railway, Dairy Queen, and See’s Candies.
Those who work with him describe a leader known for his operational skill, sharp strategic thinking, integrity, and quiet effectiveness.
As Berkshire board member Ron Olson put it, “Greg has the fundamentals — integrity, work ethic, and strategic thinking”.
Many believe he embodies the unique Berkshire Hathaway culture – a point emphasized by the late Charlie Munger, who stated, “Greg will keep the culture”.
10 Greg Abel Facts You Might Not Know
Beyond the boardroom, here are some interesting facts about Greg Abel – Berkshire Hathaway’s next leader:
- Early Odd Jobs: His early work experience included cleaning discarded bottles and filling fire extinguishers.
- Academic Start: He holds a degree in Commerce from the University of Alberta (1984).
- Hockey Connection: He grew up playing hockey and later volunteered as a coach for his son’s team.
- Career Beginnings: He began his professional journey at PricewaterhouseCoopers, later working at the energy firm CalEnergy. His path eventually led him into Buffett’s sphere through his work with MidAmerican Energy.
- Iowa Resident: Despite the demands of his role, he lives in Des Moines, Iowa, where BHE is headquartered, not Omaha.
- Low-Key Billionaire: His net worth is estimated to be over $1 billion, yet he maintains a modest lifestyle.
- Horatio Alger Honoree: In 2018, he was honored by the Horatio Alger Association, which recognizes individuals who overcome adversity.
- Energy Acumen & Wind Power Leadership: Before becoming Vice Chair, Abel rebuilt MidAmerican Energy into the powerhouse Berkshire Hathaway Energy (BHE). Under his leadership, BHE became the largest producer of wind energy in the US.
- Proven Capital Allocator: Within BHE, his capital allocation decisions reportedly generated returns that outperformed even other skilled managers at Berkshire.
- Trusted Operator: Buffett had already delegated significant responsibilities to Abel, including capital allocation decisions, stating Abel “does all the work and I take all the bows”.
Looking Ahead: Berkshire Hathaway’s Future Under Greg Abel
The transition marks a new chapter for Berkshire Hathaway. While Greg Abel brings deep company knowledge and a strong operational track record, the challenges are undeniable.
Maintaining the unique Berkshire culture, wisely deploying the massive cash hoard ($347.7 billion), and navigating the markets without the Oracle of Omaha’s Midas touch are significant tasks.
However, the foundation is strong. Abel is known for his focus on preserving Berkshire’s “fortress balance sheet” and upholding its core principles of decentralization, integrity, and trust.
He has the explicit backing of Warren Buffett, who believes “the prospects of Berkshire will be better under Greg’s management”.
With his blend of operational expertise and cultural alignment, Abel seems poised to lead the conglomerate forward.
Conclusion
The stepping down of Warren Buffett is a historic moment in the business world. As Berkshire Hathaway prepares for this change, all eyes are on Greg Abel. Armed with decades of experience within the company, a reputation for sharp execution, and the confidence of the Oracle of Omaha himself, Greg Abel is set to guide one of America’s greatest corporate success stories into its next era.
