Greg Abel | $1B+
Get in touch with Greg Abel | Greg Abel, president and CEO of Berkshire Hathaway, is the executive chosen to succeed Warren Buffett after decades inside the conglomerate. A Canadian-born accountant, he rose through MidAmerican Energy and Berkshire Hathaway Energy before becoming vice chairman of non-insurance operations in 2018. Known for operational discipline, deep knowledge of Berkshire’s businesses, and a low public profile, Abel now oversees one of the world’s largest and most closely watched companies.
Gregory Edward Abel (born June 1, 1962) is a Canadian businessman serving as vice chairman of non-insurance operations at Berkshire Hathaway Inc., where he oversees a diverse portfolio of non-insurance subsidiaries, and as chairman of its major energy subsidiary, Berkshire Hathaway Energy.[1] In May 2025, Berkshire Hathaway's board unanimously appointed him as the company's president and chief executive officer, a role he assumed on January 1, 2026, succeeding longtime CEO Warren Buffett, who remains as chairman.[2] In his first annual letter to shareholders for 2025, released February 28, 2026, Abel emphasized continuity with Warren Buffett's principles, highlighting investment discipline (including patience and selective decision-making), commitment to preserving the culture built by Buffett and Charlie Munger, stewardship of shareholder capital, long-term value creation, and maintaining Berkshire's core values as the foundation of success.[3] For 2025, Abel's compensation as CEO consists of a $25 million annual cash salary, an increase from $21 million in 2024 and comprising entirely of cash with no stock options or restricted stock units.[1] Abel, known for his low-profile leadership style and focus on operational excellence, has been a key figure in Berkshire's expansion since the 2000 acquisition of MidAmerican Energy Holdings.[4]Born in Edmonton, Alberta, Canada, to a working-class family, Abel grew up performing odd jobs such as delivering newspapers and flyers to help support his household.[5] He earned a Bachelor of Commerce degree with distinction from the University of Alberta in 1984, supported by a small scholarship from Levitt Safety.[6] After graduation, Abel began his professional career as an accountant at PricewaterhouseCoopers in Edmonton, later transferring to the firm's San Francisco office.[4]In the early 1990s, Abel joined CalEnergy Company, which evolved into MidAmerican Energy Holdings; he rose quickly to become its president in 1999.[7] Following Berkshire Hathaway's acquisition of a controlling stake in 2000, Abel became CEO of MidAmerican in 2008 (renamed Berkshire Hathaway Energy in 2014), a role he held until 2018 while growing the company from 500 to over 23,000 employees and expanding its assets to exceed $90 billion.[6] In 2011, he became chairman of Berkshire Hathaway Energy, and in January 2018, he was elevated to vice chairman of Berkshire's non-insurance operations and joined the company's board of directors.[1] Abel has also served on the boards of organizations such as the Edison Electric Institute and The Kraft Heinz Company (until 2024), and he was named CEO Coach of the Year in 2015 by the American Football Coaches Association.[6][8]
Early life and education
Childhood in Edmonton
Gregory Edward Abel was born on June 1, 1962, in Edmonton, Alberta, Canada, into a working-class family.[9] His father worked in sales at Levitt Safety, a supplier of firefighting and environmental equipment, where he eventually advanced to heading the western region.[10] Abel's mother served as a legal assistant before his birth and later became a stay-at-home homemaker dedicated to raising the family.[6]Abel grew up in a tight-knit, family-oriented working-class neighborhood in Edmonton, where extended relatives including grandparents, aunts, uncles, and cousins provided strong support through regular gatherings and visits.[6] His parents emphasized the importance of family bonds, hard work, perseverance, goal-setting, and education as keys to success, shaping his early sense of responsibility and drive.[6] These values were reinforced by community ties in the neighborhood, where Abel attended Bonnie Doon Composite High School.[10]From a young age, Abel took on odd jobs to earn pocket money, such as delivering advertising flyers door-to-door[6] and collecting discarded pop bottles to redeem for cash, sometimes gathering up to 20 per weekend.[11] He also worked as a laborer for a local forest products company and assisted at Levitt Safety by filling fire extinguishers, experiences that further instilled a strong work ethic and even earned him a small scholarship.[6]Abel's childhood interests centered on hockey, a passion he shared with neighborhood friends, playing nearly every day in summer and winter until called home for dinner.[11] The sport, inspired in part by his uncle Sid Abel—a Hockey Hall of Famer who played for the Detroit Red Wings and Chicago Black Hawks—taught him lessons in teamwork, leadership, and resilience through coaching and team play.[10] These formative experiences in Edmonton laid the groundwork for his later pursuit of studies in accounting at the University of Alberta.[6]
University education
Greg Abel attended the University of Alberta, enrolling in the Alberta School of Business in the early 1980s.[12] He graduated in 1984 with a Bachelor of Commerce degree, majoring in accounting.[6][13]The university's commerce program equipped Abel with essential skills in financial analysis and business principles, fostering a deep appreciation for numerical evaluation in corporate contexts.[12] Through his accounting major, he developed expertise in interpreting income statements, cash flows, and overall business performance metrics, which proved instrumental in understanding complex sectors like energy.[12] This academic foundation aligned closely with his future roles in finance-driven industries and executive leadership.[14]
Professional career
Early roles in accounting and energy
After graduating with a commerce degree in accounting from the University of Alberta in 1984, Greg Abel began his professional career as a chartered accountant at PricewaterhouseCoopers (PwC) in Edmonton, Alberta.[6][15]Seeking broader experience, Abel transferred to PwC's San Francisco office, where he gained advanced expertise in public accounting while working on client engagements in the energy sector.[6][16]In 1992, Abel joined CalEnergy Company, a geothermal electricity producer that had been one of his clients at PwC, transitioning from auditing to internal roles within the firm.[16][17] At CalEnergy, a company with approximately 500 employees at the time, Abel focused on financial oversight and operational management, contributing to its expansion in geothermal power generation during a period of significant growth.[6][17]
Leadership at MidAmerican and Berkshire Hathaway Energy
In 1999, CalEnergy Company merged with MidAmerican Energy Holdings, adopting the MidAmerican name for the combined entity, and Greg Abel was appointed president of MidAmerican Energy, overseeing its operations in the Midwest United States.[16] This merger positioned MidAmerican as a major player in electric and natural gas utilities, with Abel playing a key role in integrating the companies' geothermal, wind, and traditional energy assets.[18]In 2000, Berkshire Hathaway acquired a controlling interest in MidAmerican Energy Holdings, making it a wholly owned subsidiary and marking the company's entry into the regulated utility sector.[19] Abel continued as president following the acquisition, focusing on operational efficiency and strategic growth. By 2008, he was elevated to CEO of MidAmerican, a role in which he directed the expansion of its energy infrastructure portfolio. In 2011, chairman was added to his title, and in 2014, the company rebranded as Berkshire Hathaway Energy (BHE) to align with its parent conglomerate.[16][17]As CEO and later chairman of BHE, Abel oversaw substantial growth in utilities, renewable energy, and related infrastructure, transforming the subsidiary into one of the largest U.S. energy providers. Under his leadership, BHE invested more than $41 billion in renewable sources, with a strong emphasis on wind and solar power to meet rising demand for sustainable electricity. Key initiatives included developing extensive wind farms in the Midwest and scaling solar generation capacity across multiple states, while bolstering natural gas operations for reliable baseload power. These efforts not only diversified BHE's energy mix but also positioned it as a leader in low-carbon transitions, serving over 5 million customers through regulated utilities and independent power production.[20][21][22]
Senior positions at Berkshire Hathaway
In January 2018, Greg Abel was appointed as vice chairman of Berkshire Hathaway's non-insurance business operations and joined the company's board of directors, expanding his responsibilities beyond energy to encompass a broad array of subsidiaries.[23] This role positioned him to oversee key non-insurance units, including Berkshire Hathaway Energy (BHE), BNSF Railway, and various manufacturing businesses such as Precision Castparts, Lubrizol, and Marmon.[24] These operations collectively managed assets exceeding $250 billion as of 2018, with BHE holding approximately $80.5 billion, BNSF $70.2 billion, and manufacturing segments $99.9 billion in total assets.[25]Abel's tenure involved close collaboration with Warren Buffett and Charlie Munger on capital allocation and strategic deal-making, where he demonstrated a deep understanding of business operations and investment decisions. Buffett has publicly stated that Abel grasps capital allocation as effectively as he does, entrusting him with significant responsibilities in deploying Berkshire's resources across its non-insurance portfolio.[9] Known for his low-key yet hardworking style, Abel earned praise as a humble dealmaker who prioritizes operational execution over publicity, fostering trust among Berkshire's decentralized management teams.[26][11]From 2018 to 2025, Abel contributed to key decisions enhancing acquisitions and operational efficiencies within Berkshire's non-insurance units. He played a pivotal role in the announced 2025 agreement to acquire Occidental Petroleum's OxyChem chemical business for $9.7 billion in cash, expected to close in the fourth quarter of 2025, highlighting the strategic value of its robust asset portfolio and experienced team to bolster Berkshire's industrial holdings.[27] Additionally, under his oversight, BNSF implemented terminal operations improvements to boost merchandise network efficiency amid flat freight volumes, enabling earnings growth through cost controls and productivity gains without major capital outlays.[28] These efforts aligned with Berkshire's emphasis on sustainable performance across its diverse operations.Upon assuming the role of CEO on January 1, 2026, Abel's annual cash salary was increased to $25 million, representing a 19% rise from his $21 million compensation in 2024. This compensation consists solely of cash, with no stock options or restricted stock units included. The increase was announced in a filing with the U.S. Securities and Exchange Commission.[29][30][31]
CEO succession announcement
On May 3, 2025, during Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska, Warren Buffett announced that Greg Abel, who has served as vice chairman of non-insurance operations since 2018, would succeed him as the company's chief executive officer. Buffett, aged 94 at the time, stated that he intended to step down at the end of 2025, praising Abel's deep understanding of the business and his proven leadership track record.[32]The following day, on May 4, 2025, Berkshire Hathaway's board of directors formally approved the succession plan, confirming Abel's appointment as president and CEO effective January 1, 2026. Abel assumed the role on January 1, 2026, following Buffett's retirement at the end of 2025. Buffett has remained as non-executive chairman, ensuring continuity in oversight while allowing Abel to lead day-to-day operations. At 62 years old during the announcement, Abel's selection was influenced by his extensive experience within the conglomerate, particularly in energy and utilities, as well as his alignment with Berkshire's values.[33][34][21]The transition maintained Berkshire Hathaway's longstanding culture of decentralized management, where subsidiary leaders operate with significant autonomy to foster long-term value creation. Buffett emphasized that Abel shares his commitment to this approach, avoiding top-down interference and prioritizing ethical, patient capital allocation across the company's diverse portfolio.[35][36]Since Abel assumed the role in early 2026, analysts and experts have been largely positive about his prospects as CEO, viewing him as well-prepared with a strong work ethic, integrity, strategic thinking, and the ability to maintain company culture. This perspective was reinforced by Abel's first annual letter to shareholders, released February 28, 2026, for the year 2025, in which he emphasized continuity with Warren Buffett's principles. In the letter, Abel highlighted Buffett's investment discipline—including patience and selective decision-making—his commitment to preserving the culture built by Buffett and Charlie Munger, stewardship of shareholder capital, long-term value creation, and maintaining Berkshire's core values as the foundation of success. Buffett has expressed high confidence in Abel, describing him as an extraordinary executive far more talented than himself and one he would trust with all his money over any top CEO. While direct comparisons to Tim Cook's highly successful succession at Apple are limited, opinions emphasize continuity and steady leadership rather than revolutionary growth, with expectations of continued strong performance but not replicating Buffett's unique record. Analysts and investors have expressed confidence in Abel's ability to uphold these principles, viewing the succession as a seamless handover that preserves the firm's reputation for steady growth.[37][38][39][40][3]
Personal life
Family and residence
Greg Abel is married to Andrea Abel, with whom he has a young son. He also has three adult children from a previous marriage.[41]Abel has resided in the Des Moines, Iowa, area since the early 2000s, following CalEnergy's acquisition of MidAmerican Energy Holdings in 1998–1999—his employer at the time—after which the combined company was based in Des Moines and later became Berkshire Hathaway Energy.[42] His home is located in the upscale Salisbury Heights neighborhood, approximately two hours' drive from Berkshire Hathaway's headquarters in Omaha, Nebraska.[13][42]Originally from Edmonton, Alberta, Canada, Abel relocated to the United States for his professional career.[43]Abel remains deeply involved in hockey as an adult, earning descriptions in media as a "hockey fanatic" due to his lifelong passion for the sport. He funded the construction of the Abel Ice Arena at the RecPlex, a major sports facility in Des Moines, Iowa, where he has actively coached his young son's youth hockey teams through the Des Moines Youth Hockey Association. In 2025, he stepped down from head coaching duties to serve as an assistant coach, reducing the time demands while continuing to mentor young players. Until her passing in late 2022, Abel annually called his mother, Bev, on July 1 for her detailed critical analysis of the Edmonton Oilers' player signings and roster decisions, underscoring his dedicated fandom of his hometown team. Friends note his approachable nature when watching Oilers games or other sports on television, blending his high-profile business role with personal enthusiasm for hockey rooted in his Canadian upbringing and family ties to Hockey Hall of Famer Sid Abel. [11]
Philanthropy and community involvement
Greg Abel has demonstrated a strong commitment to community involvement through hands-on volunteering, particularly in youth sports. Residing in the Des Moines area of Iowa with his family, he has served as a volunteer assistant coach for local youth hockey teams, including those affiliated with the Des Moines Youth Hockey Association, where he actively participates in practices and games for his son's teams.[17][44][45] This role extends his personal passion for hockey, rooted in his Canadian upbringing, into mentoring young athletes and fostering teamwork in the community.[46] He has also coached youth soccer teams, emphasizing character development alongside athletic skills.[47]Abel's philanthropic efforts include leadership roles in several nonprofit organizations focused on youth development and education. He serves on the executive board of the Mid-Iowa Council of the Boy Scouts of America, contributing to programs that build leadership and outdoor skills for thousands of young people in central Iowa.[6][41] Additionally, as a board member of the Hockey Canada Foundation, he supports initiatives promoting hockey's growth and accessibility for Canadian youth.[6] Abel is the founding sponsor of Future Leaders in Action, a nonprofit that cultivates emerging youth leaders by enabling them to implement programs at child-focused organizations, reflecting his belief in empowering the next generation through practical service.[48][49] His involvement with the Horatio Alger Association aligns with its core principles of recognizing and supporting individuals who overcome adversity, as he has actively participated in its scholarship programs for need-based students.[41]Through his leadership at Berkshire Hathaway Energy (BHE), Abel has overseen significant charitable contributions via the company's foundation, which annually distributes millions in grants to support educational, community, and environmental initiatives. The BHE Foundation, with assets exceeding $70 million, focuses on enhancing quality of life in the regions where BHE operates, including funding for local nonprofits in health, education, and youth development.[50] Under Abel's direction, BHE has also advanced broader environmental efforts, investing over $37 billion in renewable energy generation to promote sustainable access to clean power and reduce carbon emissions.[51] These programs include grid enhancements and renewable resource development, improving energy reliability and affordability for underserved communities.[52] Abel has further supported specialized causes, such as previously serving on the board of the American Football Coaches Foundation (2010–2016) to fund mentorship programs for high school and college coaches, and acting as a lead donor to the Cornea Excellence Fund at the University of Iowa Foundation for ophthalmology research.[6][53]
Awards and honors
Horatio Alger Award and similar recognitions
In 2018, Greg Abel received the Horatio Alger Award from the Horatio Alger Association of Distinguished Americans, which honors individuals who have succeeded despite facing adversity and who demonstrate commitment to philanthropy and community service.[48] The award recognized Abel's journey from modest beginnings in Edmonton, Alberta, to becoming a prominent business leader, highlighting his resilience, hard work, and dedication to education and youth initiatives as key factors in his achievements.[48]The award was presented during the association's 71st annual induction ceremonies held April 5–7, 2018, in Washington, D.C., where Abel was formally inducted alongside the 2018 member class.[48] This event underscored his rise from a young age marked by challenges to corporate leadership, emphasizing the transformative impact of perseverance and ethical decision-making.[6]Upon induction, Abel joined the Horatio Alger Association's membership, a group of distinguished leaders selected for embodying values of integrity, service, and giving back to society through scholarships and community support.[6] He expressed profound humility in becoming a member, noting the association's role in fostering opportunities for others, much like the educational and philanthropic efforts he has supported throughout his career.[6]
Industry and leadership awards
In recognition of his contributions to the energy sector and broader business leadership, Greg Abel has received several notable awards. In 2015, he was honored with the CEO Coach of the Year Award by the American Football Coaches Foundation (AFCF), acknowledging his support for youth sports programs and leadership in community initiatives alongside his executive role at Berkshire Hathaway Energy.[54]Abel's business acumen and impact on the global energy industry were further highlighted in 2024 when he received the Canadian Business Leader Award from the University of Alberta's Alberta School of Business. This award recognizes individuals who exemplify leadership, entrepreneurial spirit, integrity, and commitment to community, particularly those with ties to Alberta, where Abel earned his commerce degree.[55]That same year, Abel was the inaugural recipient of the Doug Mitchell Award for Global Business Leadership at the Global Business Forum in Banff, Alberta. Presented by the forum's organizing committee, the award celebrates integrity, vision, and actionable leadership in international business, reflecting Abel's role in steering Berkshire Hathaway's non-insurance operations, including major energy investments.
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