Greg Abel to be Berkshire Hathaway’s new head, Suspense over Warren Buffett’s successor ends.
Warren Buffett, head of Berkshire Hathaway, another of the world’s most successful investors, has put an end to years of speculation about his successor.
Buffett said that Greg Abel would replace him if he left the company. This has shocked the hopes of Ajit Jain, vice chairman of the insurance business of Bharatvanshi and Berkshire Hathaway.
Buffett himself has praised Jain’s style and business sense several times. By the way, Buffett also said that if anything happens to Abel, Jain will take over as the CEO of the company.
Buffett from CNBC said that the company’s board of directors was unanimous that if I had anything tonight, Greg Abel could replace me the next morning. Berkshire Hathaway, however, did not respond to queries.
Notably, the 90-year-old Buffett has not yet made public his plans to step down. Abell, who lives in Alberta, is Berkshire Hathaway’s vice chairman and head of the non-insurance business since 2018.
He made Berkshire Hathaway Energy America’s leading energy company before becoming the company’s vice-chairman.
At the same time, the company’s 97-year-old vice chairman Charlie Manger said in the annual meeting on Saturday that the company’s culture is very important to him and Greg will preserve that culture.
It is another matter that Abel’s personality is not as magnetic as Buffett’s, but he has succeeded in winning Buffett’s trust and keeping Berkshire Hathaway’s culture and long-term thinking intact.
James Armstrong, president of Henry H. Armstrong Associates and a longtime Berkshire shareholder, said Greg had a lot of experience dealing with and acquiring regulators. Also, he has the experience of managing many people.
In a 2013 video message by Buffett, Abell was described as ‘a wonderful person’.
He had said, “There are many smart people in the world who sometimes do some things like stupid.” He (Abel) is smart and will not do anything stupid.
Abel is a big fan of hockey. He graduated from the University of Alberta in 1984.