SOURCE : NEW18 NEWS
Last Updated:May 04, 2025, 10:08 IST
Warren Buffett is retiring as CEO of Berkshire Hathaway after over six decades. Gregory E. Abel, current vice chairman, will succeed him.
Who is Greg Abel, the one who will take the baton from Warren Buffett.
Warren Buffett Successor: Warren Buffett, the legendary investor known as the ‘Oracle of Omaha,’ has announced his retirement as CEO of Berkshire Hathaway after leading the company for over six decades. He will be succeeded by Gregory E. Abel, the current vice chairman of Berkshire Hathaway.
Gregory Abel’s Background
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Gregory E. Abel, 62, joined Berkshire Hathaway’s Board of Directors in January 2018 as vice chair for non-insurance operations. Abel was confirmed as Buffett’s successor in 2021 after former Vice Chairman Charlie Munger unintentionally revealed the information at the annual meeting. Since then, Abel has mostly operated behind the scenes, although shareholders have gotten to know him during annual meetings and interviews alongside Buffett.
Formal Approval And Transition
Berkshire’s board will now vote on whether to formally approve Abel as the new CEO, who is expected to take over at the end of 2025. At the annual meeting in Omaha, Buffett expressed confidence that the approval would be unanimous.
Abel’s Experience And Contributions
He began his career as a chartered accountant with PricewaterhouseCoopers before joining CalEnergy in 1992, which later became Berkshire Hathaway Energy
Abel began his career in the utility and energy industry before becoming Buffett’s right-hand man. He first joined Berkshire when the firm acquired a controlling stake in MidAmerican Energy, where Abel was an executive.
He later served as the CEO of the company, which was renamed Berkshire Hathaway Energy.
Additional Roles And Board Service
Apart from his role at Berkshire, Mr. Abel serves as president for the Horatio Alger Association of Distinguished Americans, Inc. His recent past board service includes The Kraft Heinz Company, AEGIS Insurance Services, Inc., AEGIS London board of directors, the Mid-Iowa Council Boy Scouts of America executive board, Drake University board of trustees, and the American Football Coaches Foundation board of directors. He also previously served as a director and vice chair of Associated Electric & Gas Insurance Services Limited, a mutual insurance company.
Buffett’s Endorsement of Japanese Trading Houses
Warren Buffett recently expressed strong support for the five Japanese trading houses in which Berkshire Hathaway has invested. Speaking at Berkshire’s annual shareholder meeting in Omaha, Nebraska, Buffett highlighted the increased stakes in Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo, which are now as high as 9.8%.
- First Published:
May 04, 2025, 10:08 IST
