In a pivotal announcement during this weekend’s shareholder meeting in Omaha, Warren Buffett revealed his plan to retire from his role as CEO of the investment giant Berkshire Hathaway by the close of the year. The spotlight now turns to Greg Abel, a seasoned 62-year-old executive from Canada, who has been tapped to steer the conglomerate into its next chapter. Known for his understated demeanor and astute business sense, Abel has spent over seven years at the helm of key Berkshire divisions, including BNSF Railway, See’s Candies, and Dairy Queen, alongside an array of other enterprises acquired under Buffett’s visionary leadership.
Abel’s journey began in Canada, where he was immersed in the world of hockey and honed a strong work ethic through early jobs such as redeeming bottles and servicing fire extinguishers. Fast forward to today, and Abel is poised to make his mark at one of the most formidable positions in the investment sphere.
Berkshire first hinted at Abel as Buffett’s successor back in 2021, following an accidental hint by former Vice Chairman Charlie Munger during a prior annual gathering. Since then, Abel has remained largely in the shadows of Buffett, though shareholders have had opportunities to see him in action alongside the legendary investor during meetings and media appearances.
The final nod from the Berkshire board is expected by the end of 2025, with Buffett expressing confidence that Abel’s appointment as CEO will receive a unanimous vote. As he prepares to take charge of the conglomerate’s vast and varied portfolio, which includes nearly 400,000 employees, Abel brings a keen understanding of diverse business models, a trait Buffett has publicly admired.
While personifying many of the principles that define Berkshire’s culture, Abel faces the daunting task of following in Buffett’s colossal footsteps, a man whose strategic investments and deals have propelled the company beyond market expectations for decades. However, the conglomerate’s expansive size now poses unique challenges in finding lucrative growth avenues.
Even though Abel may not replicate Buffett’s legendary status or monumental wealth-building feats, long-time board member Ron Olson is convinced of Abel’s capabilities and integrity. “He embodies so many of Warren’s core values,” Olson remarked. “His approach is deeply strategic, aligned with high moral standards.”
Buffett himself has long articulated that Abel’s primary role will be to maintain Berkshire’s distinctively decentralized ethos, underscored by independence, integrity, and trust. Indeed, Munger’s inadvertent revelation was laced with confidence in Abel’s commitment to sustaining this culture.
Executives from an eclectic mix of Berkshire-owned entities, from Brooks Running to Shaw flooring and Borsheims jewelry, attest to Abel’s acumen, trusting in his strategic counsel during challenging times. Abel, known for his business instincts and willingness to push boundaries, is a revered figure within Sharon subsidiaries.
Dairy Queen’s CEO, Troy Bader, lauds Abel’s intuitive prowess. “Greg not only possesses a sharp business mind but also an impressive instinct akin to Warren’s,” Bader noted.
Although Abel has largely kept out of the limelight, his presence at Berkshire meetings revealed his comprehensive grasp of complex sectors such as utilities and railroads. In 2018, Abel’s indelible commitment to perseverance and hard work was recognized by the Horatio Alger Association, shedding light on his upbringing in Edmonton, Alberta, which bore remarkable parallels to Buffett’s childhood experiences working in his grandfather’s Omaha store.
“I’ve always believed that hard work paves the way to success,” Abel reflected, recalling his formative years and early business experiences. “Being well-prepared often translates into better outcomes.”
Residing a short drive away in Des Moines, Iowa, where he leads Berkshire Hathaway Energy, Abel remains rooted in his commitment to family, even actively coaching his children’s sports teams. Despite stepping into this new role, Abel plans to remain in Iowa, aligning with Berkshire’s decentralized philosophy and Buffett’s minimalistic approach, keeping only a small operational team at the Omaha headquarters.