Design Highlights
- Greg Abel, born in 1962 in Edmonton, began his career at PricewaterhouseCoopers and transitioned to CalEnergy in the 1990s.
- He joined Berkshire Hathaway in 2000, focusing on energy operations and renewable investments, eventually becoming CEO of Berkshire Hathaway Energy.
- Promoted to vice chairman in 2018, Abel has been pivotal in managing non-insurance operations and capital deployment within Berkshire.
- Warren Buffett praised Abel’s work ethic and strategic insight, positioning him as a key figure to maintain Berkshire’s culture and values.
- As Buffett’s chosen successor, Abel aims to lead Berkshire into sustainable energy solutions while balancing utility economics and regulatory demands.
Greg Abel. Born on June 1, 1962, in Edmonton, Alberta, Canada, he’s the guy who’s set to take over the reins from Warren Buffett at Berkshire Hathaway. Not exactly a household name, right? But don’t let that fool you. This Canadian-born accountant has been quietly climbing the corporate ladder for decades.
After college, he joined PricewaterhouseCoopers, where he started his career in Edmonton, before making the big leap to the San Francisco office. Talk about a change of scenery.
Then came a pivotal moment: he was recruited by CalEnergy to take charge of their accounting operations. Remember the 1990s? CalEnergy was busy with a takeover of a British utility. That was Abel’s first big splash in the business world. He was in the thick of it, laying the groundwork for what would become a long and fruitful affiliation with Berkshire Hathaway starting in 2000.
Fast forward to today, and he’s the chairman and CEO of Berkshire Hathaway Energy. He’s been busy overseeing utilities, renewables, and infrastructure portfolios, while also expanding their wind and solar capabilities. Berkshire Hathaway Energy invests heavily in renewable energy sources like wind and solar, reflecting Abel’s commitment to sustainable practices.
In January 2018, Abel was promoted to vice chairman of non-insurance operations alongside Ajit Jain. That’s when it became clear he was in line for something bigger. In May 2021, Buffett himself named Abel as his successor—no pressure, right? In June 2022, Abel sold a 1% stake in Berkshire Hathaway Energy for a cool $870 million. Not too shabby for a guy who’s been in the game for a while.
Buffett’s endorsement of Abel is telling. He praised him for his work ethic and sharp strategic thinking. Abel knows value investing like the back of his hand. He handled the CalEnergy takeover like a pro, shifting the gears of Berkshire’s future.
It’s clear that the board is on board with him. Ron Olson, a longtime director, and Ajit Jain have both touted Abel’s operational expertise. He’s seen as the ideal candidate to carry the torch and maintain the corporate culture that has defined Berkshire for decades.
As for his leadership style? He’s been overseeing non-insurance businesses since 2018. He has the final say on operations and capital deployment. Abel’s strong work ethic has been instrumental in balancing utility economics with regulatory demands. With a potential focus on modernization, he’s ready to steer Berkshire into a new age, one where sustainable power meets the needs of an ever-evolving world.
