Buffett's Successor Greg Abel Known for His Operating Expertise

Investors had speculated in recent years that Mr. Warren Buffett might eventually retire. But the 94-year-old billionaire investment guru still surprised many on May 3 when he announced that he planned to step down as chief executive of Berkshire Hathaway after nearly six decades.

- Michael J. de la Merced

NEW YORK -

Less surprising is who he said he intended to succeed him as the leader of the US$1.1 trillion (S$1.4 trillion) conglomerate he built: Mr. Greg Abel, his years-long heir apparent.

WHO IS GREG ABEL?

Born in 1962 in Alberta, Canada, Mr. Abel came from modest beginnings. Following his 1984 graduation from the University of Alberta, he worked at PricewaterhouseCoopers and CalEnergy. He joined MidAmerican Energy (now Berkshire Hathaway Energy) in 1992, which Berkshire acquired in 1999.

Mr. Abel's vast responsibilities came after a steady rise through Berkshire's ranks.

Since 2018, Mr. Abel, 62, has been vice-chair of Berkshire's non-insurance companies, the 189 operating businesses that include the BNSF railroad, one of the nation's largest; Berkshire Hathaway Energy, a giant power utility; and restaurant chains and retailers, including Dairy Queen and the Borsheims jewelry chain.