Greg Abel: The Future Leader of Berkshire Hathaway - Life, Earnings, and Achievements

Greg Abel: The Next CEO of Berkshire Hathaway, Steering the Legacy Forward

For years, global investors have speculated about who would helm Berkshire Hathaway (BRK.A, BRK.B) after Warren Buffett retires or passes on. On May 3, 2025, at age 94, Buffett provided clarity by announcing his plan to step down as CEO by the end of the year, recommending Greg Abel as his successor. "The moment has come for Greg to lead the company," Buffett declared during the annual shareholder meeting.

At 62, Abel has been a vital part of Berkshire Hathaway since 2000, joining the board in 2018 as vice chairman of non-insurance operations. With over three decades of experience, including a decade as CEO of Berkshire Hathaway Energy, his expertise is well recognized.

Buffett expressed confidence, stating, "Berkshire's future looks brighter under Greg's leadership than mine."

Highlights

• In 2025, Warren Buffett announced his retirement and endorsed Greg Abel as the next CEO.
• Abel currently oversees all non-insurance businesses and chairs Berkshire Hathaway Energy.
• He has been instrumental in major acquisitions and growth strategies since joining Berkshire.
• Known for his quiet determination and strategic dealmaking, Abel has shaped some of Berkshire's most successful ventures.

The first public hint of Abel’s succession surfaced in 2021 when Charlie Munger, Berkshire’s executive vice chairman, subtly indicated Abel as Buffett’s heir. Buffett confirmed this shortly after in a CNBC interview.

Munger praised Abel’s commitment to maintaining Berkshire’s decentralized culture. Alongside fellow board member Ajit Jain, Abel was long viewed as a leading candidate for CEO.

In 2023, Buffett and Munger reiterated their unwavering confidence in Abel, highlighting his mastery of capital allocation as comparable to Buffett’s own approach.

Let’s delve into the life of the man preparing to guide one of America’s largest corporations into a new era.

Early Years and Education

Born on June 1, 1962, in Edmonton, Canada, Gregory Abel earned a commerce degree from the University of Alberta in 1984. Starting his career as an accountant with PwC, he transitioned to the energy sector in 1992 by joining CalEnergy. Rising to president by 1998, he expanded the company’s operations, which later became MidAmerican Energy Holdings.

In 2000, Berkshire Hathaway acquired MidAmerican, renaming it Berkshire Hathaway Energy (BHE). Abel served as CEO from 2008 to 2018 and now chairs the company.

BHE operates across diverse energy sectors including coal, natural gas, hydroelectric, wind, solar, geothermal, and nuclear, employing nearly 24,000 people and generating over $25.9 billion in revenue in 2024.

Major Achievements

Under Abel’s leadership, BHE has been central to Berkshire’s significant acquisitions such as PacifiCorp (2005), NV Energy (2013), and Dominion Energy’s pipeline division (2020).

He also nurtured Home Services, transforming it from a small brokerage into one of Berkshire’s most profitable subsidiaries.

David Sokol, once considered Buffett’s heir, mentored Abel and praised his capabilities as early as 2007.

Compensation

Greg Abel earned approximately $20 million in 2023, as per Berkshire’s SEC disclosures.

Designated Successor to Warren Buffett

Though initially private, Abel’s reputation grew steadily within financial circles. By 2017, analysts like JP Morgan’s Sarah DeWitt identified him as Buffett’s likely successor.

His appointment to the Berkshire board in 2018, alongside Ajit Jain, marked a pivotal moment, entrusting him with oversight of Berkshire’s vast non-insurance portfolio.

Abel manages over 90 subsidiaries spanning railroads, automotive, utilities, manufacturing, and retail, accounting for $150 billion in sales and employing 250,000 staff.

While Jain was also a strong contender, Abel’s younger age likely influenced Buffett’s decision.

Abel’s reputation as a savvy dealmaker was cemented through strategic acquisitions like Enron’s gas pipelines and Northern Electric in the UK.

Leadership Praise

Charlie Munger lauded Abel and Jain in 2014 as "world-class executives," suggesting in some respects they surpass Buffett himself.

Leadership Approach

Residing in Des Moines, Iowa, Abel leads a modest lifestyle akin to Buffett’s. He has increased his public engagement recently, impressing shareholders with his insights on sustainability and energy conservation.

Fun Fact

Passionate about hockey since childhood, Abel coaches youth teams and has served on the Hockey Canada Foundation’s Board.

Who Will Lead Berkshire Hathaway Next?

Greg Abel, chair of Berkshire Hathaway Energy, was formally named Buffett’s successor in 2021, with Buffett confirming the transition plans in 2025.

Greg Abel’s Estimated Net Worth

As of 2021, Abel’s net worth was estimated at approximately $484 million.

Warren Buffett’s Net Worth

By May 2025, Buffett’s net worth is estimated at around $160.9 billion.

Conclusion

Taking the helm of Berkshire Hathaway, Greg Abel faces significant challenges including shareholder demands for increased cash deployment, sustainability initiatives, and diversity enhancement—all while stepping into the shoes of a legendary leader.

However, the CEO role will be part of a broader leadership team. Howard Buffett is expected to become non-executive chairman, while Ajit Jain will likely continue as vice chair of insurance operations with potential expanded duties.

Investment managers Todd Combs and Ted Weschler are also poised to take on greater responsibilities post-Buffett.

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