2023-12-24 21:15:29
Warren Buffett’s Successor at Berkshire Hathaway Revealed
Greg Abel, the 61-year-old vice chairman at Berkshire Hathaway, has been selected as Warren Buffett’s successor as CEO of the eighth-largest company in the U.S. Although the 93-year-old Buffett has no plans to retire, the spotlight has turned on what will happen to the conglomerate when the man who built it and held it for decades — Buffett himself — is gone.
Abel, who is responsible for all of Berkshire’s non-insurance businesses, including construction, chemicals, shoe manufacturing, candy factories, and one of the largest railroad companies in North America, is seen as a more involved manager compared to Buffett, who is known for his hands-off approach.
Buffett’s responsibilities, when he steps down, will be divided among several people, including Abel. Additionally, two other deputies, CFOs Ted Wechsler and Todd Combs, are expected to manage the vast investment portfolio once Buffett steps down. Buffett also confirmed that his son Howard would one day be chairman in a non-executive role.
Abel, who was born and raised on the Canadian prairies, is described as a “man of numbers who understands the language of business.” He joined Berkshire Hathaway in the early 1990s, coming from an Omaha-based power generation company called CalEnergy. His successes include managing Berkshire Hathaway Energy, which Berkshire Hathaway bought a 75% share of in the late 1990s.
While becoming the next CEO, Abel also has a challenging task on his hands, managing a dispute with trucking station giant Jimmy Halem. The court battle is to decide how much Berkshire will have to pay for the 20% stake in PTC that it does not yet own.
Despite not being Warren Buffett, many believe that Abel is up to the challenge of leading Berkshire Hathaway into the future. Partners and friends describe him as someone who keeps a low profile and enjoys spending time in his hometown, Des Moines, Iowa.
So, while the transition from Buffett to Abel may bring some changes to Berkshire, the company’s future under Abel’s leadership is highly anticipated.
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