Legendary investor Warren Buffett shocked markets and the business community when he announced on May 3 that he will step down as CEO of Berkshire Hathaway (BRK.B) at year’s end.
All eyes now turn to Buffett’s handpicked successor, Greg Abel. At age 62, Abel is taking the helm of a legendary company in Berkshire Hathaway. To say he has big shoes to fill in replacing Buffett, who has run Berkshire for 60 years, is an understatement.
In Berkshire Hathaway, Abel is faced with a number of pressing issues, namely how to spend the holding company’s record cash pile that totals nearly $350 billion. Many shareholders are calling for Berkshire to finally pay a dividend and to increase its stock buybacks. What exactly Abel does when he becomes CEO on Jan. 1, 2026 remains to be seen. But here are some facts about the Berkshire executive.
A Canadian Accountant
Greg Abel was born and raised in the western Canadian city of Edmonton and attended the University of Alberta on a scholarship. He is an accountant by training and began his career at PricewaterhouseCoopers. As one might expect, Abel loves ice hockey. He sits on the board of the Hockey Canada Foundation and has coached his son’s ice hockey team.
Joined Berkshire Via an Acquisition
Greg Abel ended up at Berkshire Hathaway through an acquisition Warren Buffett made. He was working as President of Iowa-based MidAmerican Energy Holdings in 2000 when Buffett came calling. After kicking the tires for a long time, Berkshire Hathaway bought a controlling stake in MidAmerican Energy and later renamed it Berkshire Hathaway Energy. Abel became CEO of Berkshire’s energy group.
Multiple Roles
Abel currently wears many hats at Berkshire. He remains chairman and CEO of Berkshire Hathaway Energy, and also serves as vice-chairman of non-insurance operations at the conglomerate. Since 2018, Abel has also been a member of Berkshire Hathaway’s board of directors. If that weren’t enough, Abel also has oversight of many Berkshire companies such as Fruit of the Loom and See’s Candy.
Known as a ‘Fixer’
Within Berkshire Hathaway, Greg Abel is known as a fixer or problem solver. In 2024, he successfully oversaw a legal dispute related to Berkshire’s $11 billion acquisition of truck stop operator Pilot Travel Centers. He is known for having the confidence of both Warren Buffett and the company’s board of directors. Buffett publicly named Abel as his successor in 2021.
Vested Interest
Abel has a net worth that’s estimated at close to $1 billion. In 2022, he sold his 1% stake in Berkshire Hathaway Energy for approximately $870 million. Today, he is heavily invested in Berkshire Hathaway. In 2022, after being named as Buffett’s successor, Abel bought 168 shares of Berkshire Class A stock worth $68 million at the time. Today he is reported to own 173 Class A shares and 2,363 Class B shares that, combined, are worth $135 million based on current market prices.
Is BRK.B Stock a Buy?
Berkshire Hathaway’s more affordable Class B stock has a consensus Moderate Buy rating among three Wall Street analysts. That rating is based on two Buy and one Hold recommendations assigned in the last three months. The average BRK.B price target of $519.50 implies 0.80% upside from current levels.
