Who is Greg Abel, the low-profile Canadian executive set to replace Warren Buffett as Berkshire CEO?

Greg Abel, a Canadian executive known for his attention to detail and low public profile, will succeed Warren Buffett as the CEO of Berkshire Hathaway by the end of this year. At 62, Abel, currently vice chairman at the $1.18 trillion conglomerate, is expected to carry forward Buffett's long-term investment philosophy and aversion to shareholder dividends, even if he doesn't inherit his predecessor's iconic public image.

Berkshire Hathaway — owner of railroads, insurers, and even an ice-cream maker — has been quietly planning for Buffetts departure for decades. Yet the timing still caught many off guard. On Saturday, at Berkshire's annual shareholder meeting in Omaha, Buffett, 94, made it official: "It's working way better with Greg Abel than with me, because I don't want to work as hard as he works," he said.

Though Buffett had often hinted at his age and mortality, he had not publicly set a clear timeline for stepping aside—until now.

When asked about his management approach to Berkshire's wide array of subsidiaries, Abel answered, "More active." He also credited his mentor, saying, "Warren has obviously been a remarkable teacher, and I have benefited from that for years."

Who is Greg Abel?

Born on June 1, 1962, in Edmonton, Alberta, Gregory Edward Abel grew up in a working-class family. According to the Horatio Alger Association of Distinguished Americans, which honored him in 2018, Abel spent his early years doing odd jobs like cleaning discarded bottles and filling fire extinguishers.

"It was a real working-class family where sometimes people had jobs and sometimes they didn't," Abel said in a video for the association. "You realized we were all working hard to try to advance our family."

He graduated from the University of Alberta in 1984 and began his career at PricewaterhouseCoopers before joining CalEnergy, an energy firm. His connection to Berkshire began in 1992 when he joined Berkshire Hathaway Energy, then known as MidAmerican Energy, which Berkshire would eventually acquire. He became CEO of MidAmerican in 2008.

Today, Abel oversees all of Berkshire's non-insurance operations—including BNSF Railway, Berkshire Hathaway Energy, and a sprawling mix of chemical, industrial, and retail companies. Over the past year, he has also assumed many of the capital allocation duties previously handled by Buffett.

Last year, Buffett stated that Abel should also have the final say on decisions involving Berkshire's public stock portfolio—an area previously thought to be reserved for other investment managers.

Colleagues describe Abel as a sharp, engaged leader who dives deep into operational and financial details. "You come away smarter from having a conversation with him," said Chris Kelly, CEO of HomeServices of America, the country's largest residential real estate brokerage. "His questions ensure you are thinking through directives and plans as a company."

(With inputs from Reuters)