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Warren Buffett announced on Saturday that he will retire as Berkshire Hathaway (BRK.A) CEO at the end of 2025. Buffett, 94, will stay on as Berkshire’s board chair and hand the reins to Greg Abel, a move that’s long been expected given that Buffett publicly named Abel as his successor in 2021. Still, the move comes as a jolt, given the Oracle of Omaha’s legendary run as head of the $1.1 trillion conglomerate.
So, who is Greg Abel? For starters, someone with big shoes to fill, as Buffett delivered a 5,500,000% return for investors during his tenure, according to CNN. More specifically, the 62-year old Abel has been vice chairman of Berkshire’s non-insurance companies since 2018. According to the New York Times, that’s a group of nearly 200 businesses that includes utility giant Berkshire Hathaway Energy; retailers and consumer brands, including Fruit of the Loom; restaurant chains like Dairy Queen; the private jet service NetJets; and one of the nation’s largest railroads, BSNF.
During Berkshire’s shareholders meeting on Saturday, Buffett explained what kind of leader he believes Abel is.
“You really need someone that behaves well on top and is not playing games for their own benefit, and we get a lot of managers that bend over backward to not do that sort of thing and then we get some that bend forward,” Buffett said. “Greg does something about it and I’ve generally been lax in doing something about it.”
Abel got his start at Berkshire when the conglomerate bought a majority share of MidAmerican Energy, where Abel was president, in 2000. Since then, he’s climbed the ranks, helping lead a series of acquisitions. The companies he oversees reported $5 billion in earnings in the first quarter of 2025, according to CNN.
Buffett has been hyping up Abel as his heir apparent for years, telling CNBC in 2023 that Abel “does all the work and I take all the bows.” He added: “He’s a big improvement on me, but don’t tell anybody.”
In recent years, Abel has taken visible roles at Berkshire’s public events, often sitting onstage to answer questions with Buffett at annual shareholder meetings.
An Edmonton, Alberta native who currently lives in Des Moines, Iowa, Abel earned his bachelor’s degree in accounting from the University of Alberta in 1984. He started his career at PricewaterhouseCoopers in Edmonton before joining CalEnergy in 1992. That firm later acquired MidAmerican Energy, which then was acquired by Berkshire.
During the shareholder meeting Saturday, Abel was asked how he would describe his approach to leading Berkshire’s subsidiaries compared to Buffett. “Better,” Buffet said before Abel could answer. Abel’s approach was more diplomatic: “More active, but hopefully in a very positive way.”