Greb Abel, all about Buffett’s successor in Berkshire

Greb Abel, all about Buffett's successor in Berkshire

Curriculum vitae, curiosities and passions of Greg Abel, Warren Buffett's successor at the helm of Berkshire Hathaway

Warren Buffett has a successor in pectore for the position of CEO of Berkshire Hathaway: his name is Greg Abel and he is one of the two vice-presidents (the other is Ajit Jain) of the $ 640 billion company.

Abel, a graduate in Economics and Commerce, specializes in energy and entered Buffett's good graces in the mid-1990s. All the details.

THE WORDS OF WARREN BUFFET

Let's start with Buffett's words. "The directors agree that if something were to happen to me tonight, Greg would take over tomorrow morning," Buffett revealed to CNBC on Monday, May 3, thus silencing years of speculation about who would eventually take over from him at Berkshire, a $ 640 billion company.

WHO IS GREG ABEL

But who is Greg Abel? Cnbc itself tells the story and experience. Abel was born in Edmonton, Canada. Over the years he has cultivated a strong passion for hockey.

He graduated with a BA in Business and Economics from the University of Alberta in 1984, and after college worked as an accountant first for PricewaterhouseCoopers, in the San Francisco offices, and then with the geothermal electricity company CalEnergy.

BUFFET'S INTEREST IN ABEL

Abel fell on Buffett's radar in the mid-1990s when the accountant moved to the UK to manage CalEnergy's takeover of a UK utility. "His handling of the matter reportedly impressed Walter Scott Jr., a CalEnergy shareholder who is also Buffett's childhood friend and a member of the Berkshire board of directors," writes CNBC .

THE ENTRANCE IN BERKSHIRE HATHAWAY

But the turning point came in 1999, when CalEnergy acquired another energy company, MidAmerican Energy, adopting its name. Berkshire Hathaway took control of this company a few months later.

Abel became CEO of MidAmerican Energy in 2008, making it a real powerhouse in the energy field over the years. The company changed its name to Berkshire Hathaway Energy (BHE) in 2014 and today generates around 10% of the earnings of the entire Berkshire Hathaway.

WHAT GREG ABEL DOES TODAY

Today, Abel is chief executive officer and president of BHE (which boasts more than 23,800 employees and sales of $ 20.9 billion), and vice president Berkshire Hathaway, overseeing various energy holdings (coal, natural gas, hydroelectric, wind , solar, geothermal and nuclear).

Not only. In recent years Abel has won positions on the boards of various groups: he is a member of the board of directors of The Kraft Heinz Company (in which Berkshire has a minority stake), of the insurance company AEGIS Insurance Services and of Hockey Canada Foundation.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/greb-abel-tutto-sul-successore-di-buffett-in-berkshire/ on Tue, 04 May 2021 13:40:28 +0000.