Greg Abel

Greg Abel
Born	Gregory Edward Abel (1962-06-01) June 1, 1962 (age 62) Edmonton, Alberta, Canada
Education	University of Alberta (BComm)
Occupation(s)	Chairman and CEO of Berkshire Hathaway Energy Vice-chairman of Berkshire Hathaway
Spouse	Andrea Abel
Children	4

Gregory Edward Abel (born June 1, 1962) is a Canadian businessman, chairman and CEO of Berkshire Hathaway Energy, and vice-chairman of non-insurance operations of Berkshire Hathaway since January 2018.

Early life and education

Gregory Edward Abel was born on June 1, 1962, in Edmonton, Alberta.^[1][2]

During his childhood Abel did odd jobs like distributing flyers and returning bottles to make money. He also worked as a laborer for a forest product company.^[3] He did not participate in too many extracurricular activities in school, aside from hockey and football.^[4]

He earned a bachelor's degree in accounting from the University of Alberta in 1984, and is an AICPA certified public accountant.^[2][5]

Career

Abel began his career as a chartered accountant with PricewaterhouseCoopers in their San Francisco office. In 1992, he joined CalEnergy, a geothermal electricity producer.^[2] In 1999, CalEnergy acquired MidAmerican Energy, adopting its name, and Berkshire Hathaway acquired a controlling interest later that year. Abel became CEO of MidAmerican in 2008,^[6] and the company was renamed Berkshire Hathaway Energy in 2014.^[2]

In January 2018, Abel was named Berkshire Hathaway's vice chairman for non-insurance operations and appointed to Berkshire's board of directors.^[7]

Abel is also vice chairman of Edison Electric Institute, and a director of AEGIS Limited, Kraft Heinz, Nuclear Electric Insurance Limited, the Hockey Canada Foundation, the Mid-Iowa Council Boy Scouts of America, and the American Football Coaches Foundation. He has been on the board of trustees at Duke University and Drake University.^[8][9]

In a May 2021 interview, Warren Buffett confirmed Abel as his future successor as CEO of Berkshire Hathaway.^[10][11] Abel's handling of CalEnergy’s take-over of a British utility in the 1990s is credited to mark the start of this transition.^[12]

Net worth

In June 2022, he sold his 1% stake in Berkshire Hathaway Energy for $870 million.^[13]

In October 2022, it was announced that Abel purchased 168 shares of Berkshire Class A shares worth approximately $68 million. This equates to an approximate average share purchase price of $404,761.90. Prior to this latest purchase, Abel held five Class A shares, and 2,363 Class B shares, according to previous filings. ^[14]

Honors

He received a Horatio Alger award in 2018.^[3]

References

1. "Edmonton-born Greg Abel picked as Warren Buffett's successor as Berkshire Hathaway CEO". CBC News. May 3, 2021. Retrieved May 3, 2021.
2. Nelson, Jacqueline (May 14, 2014). "Warren Buffett's Canadian lieutenant eyes Alberta expansion". The Globe and Mail. Retrieved 10 January 2018.
3. "Business Leader and Philanthropist Gregory E. Abel to Receive 2018 Horatio Alger Award – Horatio Alger Association".
4. "8 things to know about Greg Abel, Warren Buffett's successor at Berkshire Hathaway". Moneycontrol. 23 August 2022.
5. "Executive Profile: Gregory Edward Abel". Bloomberg LP. Archived from the original on 11 January 2018. Retrieved 10 January 2018.
6. Claman, Liz (2018-09-07). "Greg Abel: Holding a key to Buffett's Kingdom". FOXBusiness. Retrieved 2020-02-07.
7. Kim, Tae (10 January 2018). "Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs". CNBC. Retrieved 10 January 2018.
8. Das, Anupreeta (28 February 2015). "Greg Abel: an Astute Deal Maker Who Shuns the Spotlight". WSJ. Retrieved 31 March 2019.
9. Jordan, Steve (11 January 2018). "New Berkshire Vice Chairman Gregory Abel called 'truly innovative' with 'great ideas'". Omaha World Herald. Retrieved 31 March 2019.
10. Platt, Eric (May 3, 2021). "Berkshire succession: Greg Abel confirmed as Warren Buffett's successor". The Financial Times. New York. Retrieved May 3, 2021.
11. Isidore, Chris (2021-05-03). "Warren Buffett names his successor | CNN Business". CNN. Retrieved 2023-07-05.
12. Huddleston, Tom. "What you need to know about Greg Abel — Warren Buffett's successor at Berkshire Hathaway". Retrieved 18 May 2021.
13. Millar, Gerard (6 August 2022). "Berkshire CEO-designate Abel sells stake in energy company he led for $870 million". CNBC.
14. "Warren Buffett's Future Successor Buys $68 Million in Berkshire Shares".