Berkshire Hathaway board approves Greg Abel as CEO, endorsed by Warren Buffett
Abel, 62, has long been viewed as Buffett’s successor. Currently serving as vice-chairman, he oversees Berkshire’s non-insurance operations - including BNSF Railway and Berkshire Hathaway Energy - and is widely associated with the company.
As CEO, Abel will now steer the $900 billion conglomerate through global uncertainty, including ongoing tariff tensions under US President Donald Trump and scrutiny over the viability of Berkshire’s expansive conglomerate model.
A Canadian native born in Edmonton, Alberta, Abel comes from modest beginnings and built his career through stints at PricewaterhouseCoopers, CalEnergy, and MidAmerican Energy, which Berkshire acquired in 1999. He became CEO of MidAmerican in 2008 and has since played a key role in managing some of the conglomerate’s largest subsidiaries.
Read more: Who is Warren Buffett’s successor? Meet Greg Abel, the Berkshire Hathaway veteran, who Buffett wants as new CEO
Meanwhile, Buffett, now 94, will remain as chairman of the board, a move intended to ensure continuity and maintain investor confidence. While he had previously suggested his son Howard might eventually become chairman, the board has chosen to retain Buffett in the role for the time being.
At the company’s annual meeting in Omaha which drew nearly 40,000 attendees, Buffett took the crowd by surprise by announcing his plans to retire by year end. He reaffirmed his confidence in Abel saying, “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg's management than mine."
In 1965, the concept of the internet was still science fiction. ARPANET, the precursor to the internet, wouldn’t arrive until 1969. Fast-forward to today, and 5.3 billion people access the web daily. Interestingly, Warren Buffett—once wary of tech—now owns a massive stake in Apple, showing how even the most traditional investors can adapt to the digital revolution. (Representative image)
Before Facebook, Instagram, or X, people in 1965 got their updates from newspapers, television, or local chatter. Fast-forward to today: 4.9 billion people consume content through social media. Yet, Buffett, rooted in old-school values, largely avoids this digital frenzy, preferring personal interactions over likes and retweets. (Representative image)
Back in 1965, if you wanted cash, you had to queue at a bank counter. The first ATM came in 1967, and today, digital wallets dominate the payments landscape. Buffett’s Berkshire Hathaway, especially through its insurance ventures, has quietly benefited from the shift to cashless finance. (Representative image)
In 1965, sending a message meant licking a stamp and waiting days. Email wouldn’t appear until the 1970s. Today, over 333 billion emails are sent daily. Despite the digital shift, Buffett famously remains old-school—preferring personal phone calls over an overflowing inbox. (Representative image)
Getting lost in 1965 meant wrestling with a fold-out map. GPS didn’t debut until 1978, but now services like Google Maps are indispensable. Buffett’s major investments in railroads like BNSF reflect how modern navigation continues to reshape logistics and commerce. (Representative image)
In 1965, the phone was stuck to the wall or you’d drop a dime into a payphone. Today, 7 billion smartphones power the world’s connectivity. Buffett’s massive bet on Apple shows how even a tech-averse investor saw the value in the mobile revolution. (Representative image)
McDonald’s was still a novelty in 1965, and the happy meal hadn’t yet arrived. Today, McDonald's serves billions globally through 40,000 outlets. Buffett’s affinity for fast food led to investments in chains like Dairy Queen, blending nostalgia with savvy business. (Representative image)
In 1965, artificial intelligence was confined to science fiction and chalkboards. Today, AI models like Grok 3 can write poems and analyse data in seconds. Buffett, however, continues to shy away from such frontier tech, favouring steady value plays over speculative leaps. (Representative image)
The 1965 airwaves were filled with Frank Sinatra, and the counterculture movement hadn’t yet taken off. By 1969, Woodstock changed music forever. Today’s mega-festivals like Coachella dominate pop culture. Buffett, ever the pragmatist, skipped the flower power and stuck with Cherry Coke. (Representative image)
Moviegoers in 1965 enjoyed local theatres and drive-ins. Now, the entertainment industry is dominated by billion-dollar blockbusters and streaming giants like Disney+. Berkshire’s media investments over the years tapped into this seismic shift in how we consume stories. (Representative image)
While Abel’s investment track record remains largely untested - with Buffett historically dominating that aspect of Berkshire’s strategy - he is expected to take on those responsibilities moving forward, supported by vice chairman Ajit Jain on the insurance side.
Tributes to Buffett’s legacy poured in over the weekend. “There’s never been someone like Warren,” wrote Apple CEO Tim Cook, while JPMorgan CEO Jamie Dimon praised Buffett for his “integrity, optimism and common sense” in shaping modern American capitalism.
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