Warren Buffett’s retirement announcement has put the spotlight on a man who, until recently, remained relatively unknown outside of corporate circles — Greg Abel. After more than six decades of leading Berkshire Hathaway, Buffett, 94, confirmed at the company’s annual general meeting in Omaha that he plans to step down by the end of 2025. His replacement, Greg Abel, will officially take over as chief executive officer on January 1, 2026. This transition marks a key moment in the history of one of the most influential corporations in the world. The company’s board of directors met the following day and formally approved Abel’s appointment, ensuring a smooth transfer of leadership. Buffett, however, will continue to serve as chairman of the board, a role intended to provide stability and reassurance to investors and partners.
Greg Abel, currently vice-chairman of Berkshire Hathaway’s non-insurance operations, has been preparing for this role for many years. His responsibilities cover several of the company’s major businesses, including BNSF Railway and Berkshire Hathaway Energy. Over time, he has become a trusted figure within the company and was first named as Buffett’s likely successor in 2021, when former vice-chairman Charlie Munger casually revealed it during a meeting. Since then, many have been watching Abel’s progress more closely, as it became clear that he was the person Buffett believed could preserve the culture and long-term thinking that define Berkshire.
Abel was born in Edmonton, Alberta, and comes from modest beginnings. As a teenager, he took on various odd jobs such as delivering newspapers, cleaning bottles, and filling fire extinguishers. One of those jobs helped him earn a small scholarship to the University of Alberta, where he completed a degree in commerce. He later became an accountant and joined PricewaterhouseCoopers, first in Edmonton and later in San Francisco. In 1992, Abel began his journey into the energy sector by joining CalEnergy, a utilities company. After CalEnergy acquired MidAmerican Energy in 1998, Abel rose to become the CEO of MidAmerican, which was later rebranded as Berkshire Hathaway Energy after Buffett acquired a majority stake in 2000.
Throughout his time at Berkshire Hathaway, Abel has managed large subsidiaries and helped expand the company’s investments beyond insurance. He joined Berkshire’s board of directors in 2018 and has worked closely with Buffett and other top leaders. Despite his growing influence, he kept a low public profile, quietly handling key operations behind the scenes. Today, he oversees a wide range of businesses that make up the bulk of Berkshire Hathaway’s non-insurance portfolio, which includes energy, railroads, manufacturing, and retail companies.
As Abel prepares to take on the role of CEO, he will face both internal and external challenges. The company’s model, which combines a wide variety of businesses under one roof, is increasingly being questioned in an era of corporate breakups and spin-offs. In addition, Berkshire Hathaway must continue to perform well during a time of economic uncertainty, with rising tariffs, changing regulations, and shifts in investor expectations. While Buffett has been the face of the company’s investment strategy for decades, Abel has not yet been tested in the same way. However, he is expected to assume more responsibility on that front going forward, with support from Ajit Jain, who continues to oversee insurance operations.
Abel has also maintained a strong connection to his community. He lives in Des Moines, Iowa, where he coaches his son’s hockey team. Known for being hard-working and reserved, Abel has earned a reputation for being dependable and thoughtful. His personal values reflect many of the same qualities that have long defined Berkshire Hathaway—discipline, long-term focus, and a commitment to building strong businesses.
The reaction to Buffett’s decision and Abel’s appointment has been widespread. Leaders in finance, business, and government have shared their views on what this moment means for the company and the economy at large. Tim Cook, the CEO of Apple, called Buffett one of a kind, while JPMorgan Chase CEO Jamie Dimon highlighted Buffett’s common sense and ethical leadership. Many believe Abel will continue this tradition, maintaining the principles that have guided the company since its early days.
With Buffett staying on as chairman, Abel will benefit from the continued presence of the man who built Berkshire Hathaway into a company worth over $1 trillion. As this new chapter begins, Abel is expected to focus on continuity, financial discipline, and careful decision-making.
