Warren Buffett’s official announcement that he will step down as CEO of Berkshire Hathaway at the end of 2024 marks the close of a legendary chapter in American capitalism. In doing so, Buffett also confirmed that Greg Abel, a longtime Berkshire executive and trusted lieutenant, will succeed him—a decision that has long been expected but now carries historic weight.
Greg Abel, 62, a native of Edmonton, Alberta, has quietly risen through the ranks since joining MidAmerican Energy in 1992, which later became Berkshire Hathaway Energy. Over the past decade, he has taken on a broader leadership role, overseeing non-insurance businesses across Berkshire’s massive empire—including BNSF Railway, Dairy Queen, See’s Candies, and many others.
Buffett, who praised Abel’s work ethic and business instincts, made it clear at the 2024 shareholder meeting that Abel has already been playing a central role behind the scenes:
“It’s working way better with Greg Abel than with me, because I don’t want to work as hard as he works.”
Abel’s rise is rooted in a humble background. Raised in a working-class family, he worked odd jobs like filling fire extinguishers and collecting bottles to earn money as a teenager. These early experiences fostered a deep commitment to preparation and perseverance—traits that have defined his approach to leadership.
Colleagues describe Abel as quiet but commanding, a man with deep integrity and sharp intuition—qualities that echo, but don’t imitate, Buffett’s iconic presence. Dairy Queen CEO Troy Bader and longtime board member Ron Olson both emphasized Abel’s ability to lead without flash, yet with profound insight.
Although Abel lacks Buffett’s celebrity aura, he has earned unparalleled trust. Notably, Buffett transferred to him the authority to oversee capital allocation decisions, long seen as Buffett’s most guarded domain.
Interestingly, Abel is not expected to move to Berkshire’s Omaha headquarters. He will continue to live in Des Moines, Iowa, underscoring Berkshire’s decentralized culture that values autonomy over hierarchy. This aligns with the ethos Buffett and Charlie Munger championed—one of independence, integrity, and trust.
As Abel prepares to assume formal leadership in 2025, pending an expected unanimous board vote, the business world will observe how he carries forward the DNA of a conglomerate worth over $1.18 trillion, without needing to replicate Buffett, but rather to protect and evolve the unique culture he inherits.
