Greg Abel
Gregory Edward Abel (born June 1, 1962) is a Canadian-American business executive who serves as Vice Chairman of Berkshire Hathaway for non-insurance operations and has been designated by Warren Buffett as his successor as CEO. On May 3, 2025, Berkshire Hathaway announced that Abel will assume the role of President and CEO on January 1, 2026, succeeding the legendary 95-year-old Buffett, who will remain as Chairman. This transition represents one of the most significant leadership changes in corporate America, as Abel will lead a $1 trillion conglomerate with businesses spanning insurance, railroads, utilities, manufacturing, retail, and financial services.
Abel rose from middle-class Canadian origins through PricewaterhouseCoopers and the energy sector to lead MidAmerican Energy (now Berkshire Hathaway Energy), which Berkshire acquired in 1999. Over 26 years, he transformed a regional utility into a North American energy giant pioneering renewable energy investment. Buffett, known for his careful evaluation of character and capability, has expressed complete confidence in Abel, praising his business judgment, capital allocation skills, and cultural fit with Berkshire's decentralized, integrity-focused approach.
Early life and education
Gregory Edward Abel was born on June 1, 1962, in Edmonton, Alberta, Canada's oil-rich western province. He grew up in a working-class neighborhood; his father worked in sales while his mother initially worked as a legal assistant before becoming a stay-at-home mother. The family was not wealthy, and Abel supplemented family income through various jobs including distributing advertising flyers, returning bottles for deposit money, and later working as a laborer for a forest products company.
Abel's uncle, Sid Abel, played professional hockey for the Detroit Red Wings for more than a dozen seasons, representing the family's highest profile achievement before Greg's business success. This hockey connection gave Abel some exposure to professional sports and American culture despite his Canadian upbringing.
Abel attended the University of Alberta in Edmonton, earning a Bachelor of Commerce degree. He then began his professional career with PricewaterhouseCoopers (PwC), one of the world's leading accounting and professional services firms. The combination of commerce education and Big Four accounting firm experience provided Abel with strong financial and analytical foundations.
Career
PwC and early energy career: After his time at PwC, Abel moved into the energy sector, joining CalEnergy (later renamed MidAmerican Energy), a company focused on independent power production and utilities. He demonstrated skill in project development, financing, and operations, rising to senior positions.
MidAmerican Energy leadership (1990s-present): By the late 1990s, Abel had become a key executive at MidAmerican Energy. When Warren Buffett's Berkshire Hathaway acquired a controlling stake in MidAmerican in 1999-2000, Abel impressed Buffett and became CEO of the company (later renamed Berkshire Hathaway Energy in 2014).
Under Abel's leadership, Berkshire Hathaway Energy became one of the largest regulated utility holding companies in the United States, owning:
- Major electric utilities in Iowa, Nevada, Utah, and other states
- Extensive natural gas pipelines and distribution systems
- Leading position in renewable energy (wind and solar) investment among American utilities
- International energy investments
Abel's renewable energy emphasis aligned with Buffett's view that utilities should lead America's clean energy transition while generating reliable returns. Berkshire Hathaway Energy invested tens of billions in wind and solar projects, making it one of the largest renewable energy developers in America.
Vice Chairman of Berkshire Hathaway (2018-2025): In January 2018, Abel was promoted to Vice Chairman of Berkshire Hathaway for non-insurance operations, with responsibility for all Berkshire businesses except insurance and reinsurance (which fell under Vice Chairman Ajit Jain). This role included:
- BNSF Railway (major freight railroad)
- Berkshire Hathaway Energy
- Manufacturing businesses (precision manufacturing, building products, etc.)
- Retail and service businesses
- Various other subsidiaries
The Vice Chairman appointment signaled Abel was Buffett's likely successor. Over the following years, Buffett made increasingly clear statements endorsing Abel.
CEO designation (2021) and succession (2026): In May 2021, Warren Buffett explicitly confirmed that if something happened to him, Abel would become Berkshire Hathaway's CEO. On May 3, 2025, Buffett announced the formal succession: Abel will become President and CEO on January 1, 2026, while Buffett remains Chairman.
Personal life
Greg Abel is married to Andrea Abel. The couple has at least one son. They have lived primarily in Des Moines, Iowa, where Berkshire Hathaway Energy is headquartered, though Abel now splits time between Des Moines and Omaha, Nebraska (Berkshire Hathaway's headquarters).
Despite an estimated net worth approaching $1 billion (primarily from Berkshire Hathaway stock), Abel is known for a modest lifestyle. He coached his son's hockey and baseball teams, maintains a relatively normal suburban life, and avoids the trappings of extreme wealth. This low-key approach aligns well with Buffett's values and Berkshire's culture, which emphasizes substance over style.
Abel speaks quietly in public and avoids media attention when possible, preferring to let results speak. Colleagues describe him as thoughtful, analytical, and collaborative—qualities valued in Berkshire's decentralized culture where subsidiary managers have substantial autonomy.
Succession significance
Abel's assumption of Berkshire Hathaway's CEO role represents one of the most important leadership transitions in corporate history. Berkshire Hathaway, with market capitalization exceeding $1 trillion and operations touching millions of employees and customers, is among the world's most important companies. Its performance affects not just shareholders but the broader American economy.
Buffett's endorsement carries enormous weight, as he has spent decades evaluating managers and building Berkshire's culture. His confidence in Abel suggests careful assessment of capability, character, and cultural fit. Whether Abel can maintain Berkshire's performance and culture without Buffett's personal reputation and investment genius remains the key question facing investors and observers.