It's safe to say Warren Buffett needs no introduction. He’s one of the wealthiest people in the world, with a net worth of $81.5 billion. Buffett is best known as an investor, businessman, and philanthropist, but has taken on many other roles throughout his illustrious career.
One of his biggest successes is being the owner and CEO of Berkshire Hathaway, a multinational conglomerate that owns insurance, rail transportation, energy generation and distribution, manufacturing, and retail businesses, according to Investopedia. Some of its popular companies include GEICO, Duracell, Dairy Queen, and Fruit of the Loom.
Berkshire Hathaway is one of the most heavily traded companies in the world and the most expensive on the stock market, having a price of over $400,000 for its class A shares. The company played a large role in Buffett’s success as a business tycoon. Now 91 years old, he has yet to announce when or if he’ll retire as CEO of Berkshire Hathaway. But he does have a certain person in mind to be the company's next CEO.
Who is Warren Buffet’s successor?
On May 3, Buffett announced that Greg Abel, vice chairman of Berkshire Hathaway, will be the company’s next CEO. Working at the company since 2000, Abel was the CEO of Berkshire Hathaway Energy, and now serves as the chairman.
The 59-year-old originally started working at a small electricity company called CalEnergy in 1992, then became president of the company in 1998, changing its name to MidAmerican Energy Holdings. The company, bought by Berkshire Hathaway in 2000, is now Berkshire Hathaway Energy. Abel served as the CEO there from 2008 to 2018.
Abel grew up in Edmonton, Canada, graduating from the University of Alberta in 1984 with a degree in commerce, according to CNBC. After graduating he worked as an accountant for CalEnergy. Now a resident of Des Moines, Iowa, Abel had a base salary of $16 million in 2020, reports CNBC.
What are Greg Abel’s investments?
Abel owns a one-percent stake in Berkshire Hathaway Energy, which is worth approximately $480 million and makes up most of his net worth, according to Forbes. He also has a trust fund where he owns five Berkshire Hathaway Class A shares, and he's the custodian of 2,363 Class B shares for family members. His Class A shares are worth approximately $2.8 million and his Class B shares are worth more than $400,000. Abel may not be as wealthy as Buffett, but he is a respected businessman and has been close to Buffett for years.
When will Warren Buffet retire?
Buffett has yet to announce his retirement, but as he's 91, the time may be soon coming. Abel isn’t young himself, so it’s plausible that Buffett would want to give Abel some time as CEO of Berkshire Hathaway.