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Berkshire Hathaway Names Greg Abel as Next CEO

Word on the StreetSaturday, May 3, 2025 5:03 pm ET

1min read

Greg Abel, the current vice chairman of non-insurance operations at berkshire hathaway, is poised to assume the role of CEO by the end of the year. This succession plan has been in the making for some time, with Warren Buffett, the renowned investor and current CEO, expressing confidence in Abel's preparedness to lead the company. Abel has been a pivotal figure at Berkshire for over two decades, joining the company in 1999 when Berkshire acquired MidAmerican Energy. Since then, he has held various leadership positions, including CEO of MidAmerican Energy, which was later renamed Berkshire Hathaway Energy.

Abel's extensive experience in the utility and energy sectors, coupled with his proven track record in business operations, has positioned him as a strong candidate for the top role. He has been a member of Berkshire's board of directors since 2018 and has overseen the company's operations in utilities, railroads, and retail. Abel's contributions have also been instrumental in expanding Berkshire's presence in various regions, where the company has made significant investments.

Ron Olson, a long-standing member of Berkshire's board of directors, has voiced his confidence in Abel's readiness to take over. "Greg is ready. I have no doubt about that. We have known this for a long time," Olson stated after a recent meeting. Abel's appointment as Buffett's successor was announced by Charlie Munger, Berkshire's vice chairman, at the company's annual shareholder meeting. This announcement provided Abel with ample time to garner the support of Berkshire's shareholders and other key stakeholders.

Abel's background includes a degree from the University of Alberta and a passion for ice hockey. He has been a key player in Berkshire's success, and his appointment as CEO is seen as a natural progression for the company. Buffett, who will continue to serve in an advisory role, has commended Abel's leadership skills and his ability to make tough decisions. Abel's appointment is expected to ensure a smooth transition of power at Berkshire, as the company continues to grow and expand its operations.

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