Called 'World's Best Investor', 94-year-old billionaire Warren Buffett surprised the world when he announced his retirement as the CEO of his company Berkshire Hathaway Inc. (Warren Buffett Retirement). The billionaire not only tendered his resignation but also announced his successor. Interestingly, Warren Buffett's Successor is not his son, Howie Buffett, but 62-year-old Greg Abel.
Billionaire Warren Buffett announced the end of his career at the annual meeting of Berkshire in Omaha last Saturday. In his address, he said, 'I think now the time has come when the company should get a new Chief Executive Officer by the end of the year. ' That is, Warren Buffett will leave Berkshire Hathaway at the end of 2025, and the new CEO will take over in his place. Warren Buffett surprised the company's more than 40,000 investors present by suddenly announcing his retirement. However, the investors greeted Buffett's decision with a standing ovation. Now, the question arises, who is Warren Buffett's Successor, Greg Abel? Below is all you need to know-
Who is Greg Abel, Berkshire Hathaway's new CEO?
Greg Abel has been the vice-chairman of non-insurance operations of Berkshire Hathaway since January 2018. After 2025, Greg Abel will take charge as the new CEO of the company. Before joining Buffett's company, Abel began his career as a chartered accountant with PricewaterhouseCoopers in their San Francisco office. In 1992, he joined CalEnergy, a geothermal electricity producer.
CalEnergy acquired MidAmerican Energy, adopting its name, and Berkshire Hathaway acquired a controlling interest in 1999. Abel became CEO of MidAmerican in 2008, and the company was renamed Berkshire Hathaway Energy in 2014. Abel is also called Omaha's crown prince.
Abel is 62 years old, and he has been handed over the key to a $1.2 trillion company along with a portfolio of stocks such as Apple Inc. and American Express Co. on top of a collection of insurance, energy, railroad and consumer businesses that regularly churn out $10 billion a quarter in operating profit.
The market capitalization of Berkshire Hathaway is $1.16 trillion. Along with announcing his retirement, the 94-year-old billionaire has also made it clear that he will remain a shareholder of Berkshire Hathaway, and although all the decisions taken regarding the company will be in the hands of Greg Abel, Buffett will remain involved in the role of advisor to the company. Apart from this, he said, 'I have no intention of selling even a single share of Berkshire Hathaway that I have; I will eventually donate it'.