Greg Abel
Vice Chairman of Non-Insurance Operations / CEO-Designate
Buffett's designated successor as CEO of Berkshire Hathaway.
Biography
Greg Abel became Vice Chairman of Non-Insurance Operations at Berkshire Hathaway in 2018. In 2021, Buffett publicly confirmed that Abel will succeed him as CEO of Berkshire — making Abel the designated steward of Berkshire's future.
Abel came to Berkshire through the 2000 acquisition of MidAmerican Energy (since renamed Berkshire Hathaway Energy), where he served as CEO. Under his leadership, BHE grew into one of the largest utility and energy companies in North America, with massive investments in renewable energy — wind, solar, and transmission — that positioned it as a major force in the clean-energy transition.
His responsibilities at Berkshire span the enormous non-insurance portfolio: BNSF Railway, Berkshire Hathaway Energy, retail businesses, manufacturing, services — a collection that, taken together, would rank among the largest companies in America.
Key Stories
The Succession Announcement — At the 2021 annual meeting, Buffett confirmed what had been widely speculated: Greg Abel would succeed him as CEO. This was not a sudden decision but the result of years of observation. Abel had run increasingly large and complex operations, demonstrating not just business acumen but an understanding of — and commitment to — Berkshire's distinctive culture.
Building BHE — When Berkshire acquired MidAmerican Energy in 2000 for $9 billion, it was a regional utility. Under Abel's leadership it became a continental energy giant, operating in 11 states with $90 billion in assets. Abel's commitment to renewable investment — often ahead of industry trends — reflects both business judgment and long-term thinking.
Operational Range — Abel's portfolio includes some of the most operationally complex businesses in the world: a Class I railroad, regulated utilities across multiple states, a network of manufacturing and retail businesses. His ability to manage this breadth without a large corporate staff is a testament to the Berkshire model of trusting capable managers.
Impact on Berkshire
Abel's primary impact will be future — as Berkshire's next CEO, he will determine whether the culture and model Buffett built survives the transition. But his track record in the present is already substantial.
Energy Transformation: Under Abel, Berkshire Hathaway Energy became one of the most ambitious renewable-energy investors in the United States. He has invested tens of billions in wind and solar, betting that the energy business's future is clean. This long-term capital commitment reflects genuine conviction, not just regulatory compliance.
Operational Excellence: Abel has demonstrated the ability to manage vast operational complexity with minimal corporate overhead — the defining characteristic of Berkshire management. His tenure at BHE, then across all non-insurance businesses, has been marked by consistency and discipline.
Cultural Continuity: Perhaps most importantly, Abel understands intuitively what makes Berkshire different: decentralization, trust in managers, no micromanagement, long-term thinking over quarterly optics. Preserving this as CEO will be his most important job.
Key Passages from Buffett's Letters
Dave Sokol, MEHC’s CEO, and Greg Abel, his key associate, are huge assets for Berkshire. They are dealmakers, and they are managers. Berkshire stands ready to inject massive amounts of money into MEHC – and it will be fun to watch how far Dave and Greg can take the business. The Economics of Property/Casualty Insurance Our core business — though we have others of great importance — is insurance. To understand Berkshire, therefore, it is necessary that you understand how t
Berkshire has three partners, who own the remaining 19.5%: Dave Sokol and Greg Abel, the brilliant managers of the business, and Walter Scott, a long-time friend of mine who introduced me to the company. Because MidAmerican is subject to the Public Utility Holding Company Act (“PUHCA”), Berkshire’s voting interest is limited to 9.9%. Walter has the controlling vote. Our limited voting interest forces us to account for MidAmerican in our financial statements in an abbreviat
MidAmerican is owned by three partners of ours: Dave Sokol and Greg Abel, the brilliant managers of these businesses, and Walter Scott, a long-time friend of mine who introduced me to the company. Because MidAmerican is subject to the Public Utility Holding Company Act (“PUHCA”), Berkshire’s voting interest is limited to 9.9%. Voting control rests with Walter. Our limited voting interest forces us to account for MidAmerican in an abbreviated manner. Instead of our fully i
Berkshire, Walter Scott, and two terrific managers, Dave Sokol and Greg Abel. It’s unimportant how many votes each party has; we will make major moves only when we are unanimous in thinking them wise. Five years of working with Dave, Greg and Walter have underscored my original belief: Berkshire couldn’t have better partners. You will notice that this year we have provided you with two balance sheets, one representing our actual figures per GAAP on December 31, 2005 (which
MidAmerican are Walter Scott, and its two terrific managers, Dave Sokol and Greg Abel. It’s unimportant how many votes each party has; we will make major moves only when we are unanimous in thinking them wise. Six years of working with Dave, Greg and Walter have underscored my original belief: Berkshire couldn’t have better partners. Somewhat incongruously, MidAmerican owns the second largest real estate brokerage firm in the U.S., HomeServices of America. This company op