Warren Buffett is set to pass the torch at Berkshire Hathaway, handing over the reins to seasoned executive Greg Abel as he steps down as CEO by year-end.
Warren Buffett, the billionaire investor known for his business acumen and long-term investing strategies, announced that he will step down as CEO of Berkshire Hathaway by the end of the year. He has tapped ‘Greg Abel’, a 62-year-old executive, to replace him.
Warren Buffett is a renowned American investor, businessman, and philanthropist.
Born on August 30, 1930, in Omaha, Nebraska, he began investing at the age of 11.
Buffett graduated from the University of Pennsylvania's Wharton School and later attended Columbia Business School.
He took over his father's stock brokerage firm, Buffett-Falk & Co., and eventually founded Berkshire Hathaway.
Known for his value investing approach, 'value is not a four-letter word' , Buffett has led Berkshire Hathaway to become one of the world's largest conglomerates.
His net worth exceeds $100 billion, making him one of the wealthiest individuals globally.
A Legacy of Growth and Expansion
Buffett took over the reins of Berkshire Hathaway in 1965, when it was a medium-sized textile manufacturer. Under his leadership, the company expanded into various industries, transforming it into the economic powerhouse known today. ‘Berkshire Hathaway’ is now one of the world’s most famous investors, with a track record that spans nearly six decades.
Berkshire Hathaway is a multinational conglomerate headquartered in Omaha, Nebraska.
Founded in 1839 as Valley Falls Company, it has evolved through mergers and acquisitions to become one of the world's largest and most successful companies.
Berkshire Hathaway is led by Warren Buffett, who has been at the helm since 1970.
The company operates in various sectors, including insurance, retail, manufacturing, and services.
Its subsidiaries include GEICO, BNSF Railway, and Coca-Cola, among others.
A Smooth Transition
Buffett stated that he will convene the board of directors to have ‘Greg Abel’ take over as chief executive officer (CEO) of Berkshire Hathaway at year-end. While Buffett expressed his willingness to remain involved in the company, he emphasized that the final word on operations and capital deployment would be ‘Abel’s’. This transition marks a significant shift for the company, with ‘Greg Abel’ bringing his expertise in non-insurance operations to the role.
A New Era for Berkshire Hathaway
Greg Abel, who is currently the vice chairman for non-insurance operations at Berkshire Hathaway, expressed his gratitude and humility upon being appointed as CEO. Buffett’s decision to step down as CEO marks a new era for the company, with ‘Greg Abel’ poised to lead Berkshire Hathaway into an exciting future.
Greg Abel is a Canadian businessman and investor.
He serves as the Vice Chairman of Berkshire Hathaway, Warren Buffett's conglomerate.
Abel previously held senior leadership positions at various energy companies, including Calgary-based Imperial Oil.
He graduated from the University of Alberta with a degree in Commerce.
In 2020, he was appointed to succeed Warren Buffett as CEO of Berkshire Hathaway upon his retirement.
