Greg Abel: The New Captain of Berkshire Hathaway

A New Era Begins

Greg Abel is now the boss at Berkshire Hathaway. He took over from Warren Buffett, who ran the company for a very long time.

About Greg Abel

• Age: 63 years old
• Tenure at Berkshire: Since 2000
• Previous Role: CEO of MidAmerican, a utility company
• Achievement: Helped turn MidAmerican into a big wind energy producer

The Succession Surprise

Buffett picked Abel to be his successor. Many thought Abel would take over after Buffett passed away. But Buffett surprised everyone by stepping down earlier. He will still be around as the chairman and will go to the office every day to help Abel.

Abel's Leadership Style

• Known for being hands-on
• Expected to make some changes, but not big ones
• Likes the way Berkshire is run
• Company lets its subsidiaries run their own operations

Buffett's Praise for Abel

• Fast learner
• Better at running the company than Buffett
• Buffett would trust Abel with his money over top investment advisors

Changes Under Abel

• Appointed Adam Johnson to manage all of Berkshire's consumer, service, and retail businesses
• Johnson's Background: Former CEO of NetJets

Future Challenges

• Pressure to pay dividends
• Berkshire has always reinvested its profits
• Investors might want to see some returns