Buffett names Greg Abel as Berkshire Hathaway’s next CEO, marking a historic leadership transition for the $1.2 trillion conglomerate.
Buffett Announces Greg Abel as Berkshire Hathaway’s Next CEO
The Oracle of Omaha is passing the torch. Warren Buffett stunned shareholders at Berkshire Hathaway’s annual meeting by revealing he’ll recommend Greg Abel as CEO at year’s end, ushering in a new era for the legendary conglomerate.
A Surprise Reveal at the Annual Meeting
In a move that took even board members by surprise, Warren Buffett, 94, announced he will ask Berkshire’s board to appoint Greg Abel as chief executive officer by the end of 2025. Abel, currently vice chairman overseeing non-insurance operations, has long been considered Buffett’s heir apparent, but the timing and public nature of the announcement caught many off guard.
Buffett, who has led Berkshire since 1965 and built it into a $1.2 trillion powerhouse, assured shareholders he will remain as chairman and continue to offer guidance. However, he made clear that decision-making authority over operations and capital allocation will soon rest with Abel.
Who Is Greg Abel?
Greg Abel, 62, is a Canadian-born executive with a reputation for hands-on leadership and operational excellence. He joined Berkshire in 2000 after the conglomerate acquired MidAmerican Energy, where he rose to CEO and later led Berkshire Hathaway Energy. Over the past two decades, Abel has managed a vast portfolio of subsidiaries, from railroads to utilities, earning Buffett’s trust and the board’s confidence.
Abel’s low-key style and deep operational experience have been credited with driving growth across Berkshire’s diverse businesses. As vice chairman, he has overseen major brands like BNSF Railway and Dairy Queen, and played a pivotal role in Berkshire’s international investments.
What’s Next for Berkshire Hathaway?
The board’s unanimous support for Abel ensures continuity at a time when Berkshire boasts record cash reserves and a market cap near historic highs. Buffett emphasized he won’t sell a single share, expressing full faith in Abel’s ability to steer the company’s future: “The prospects of Berkshire will be better under Greg’s management than mine,” Buffett told shareholders.
Abel’s challenge will be to maintain Berkshire’s unique culture and long-term value investing philosophy while navigating a rapidly changing business landscape. Shareholders and analysts alike will be watching closely as he takes the helm of one of the world’s most admired companies.
After six decades at the top, Warren Buffett is handing over the reins. Can Greg Abel fill the shoes of a legend and lead Berkshire Hathaway into its next chapter?
