The general meeting of Berkshire Hathaway, one of the largest US holdings in the world, was held on the afternoon of Saturday 4 May. This time too, its president and CEO, Warren Buffett (as well as the eighth richest man in the world according to the Forbes billionaire ranking), filled the arena in Omaha, Nebraska, with eager shareholders as early as 5 a.m. to attend. Among the many announcements, Buffet also reiterated the role of Greg Abel, confirming him as his successor in responsibilities not only for purchases but also for the entire and very large stock portfolio (worth, according to FT, 336 billion dollars).
Who is Greg Abel
Buffett is convinced. “I think the responsibility lies entirely with Greg,” he said from the stage at the Chi Health Center. «He will be CEO». He then said that if Berkshire’s board of directors makes a different decision after his death, “I might try to come back to haunt them.” Greg Abel is an entrepreneur originally from Canada. After earning a bachelor’s degree in accounting from the University of Alberta in 1984, he began his professional career as an accountant in the San Francisco office of PricewaterhouseCoopers. In 1992 he started working for the electricity producing company, CalEnergy until in 2008 he became CEO of MidAmerican Energy, a power company in the midwestern United States.
Career at Berkshire Hathaway
Abel is approved in the Berkshire Hathaway group about ten years ago, in 2014. At first he worked for Berkshire Hathaway Energy (Bhe), a subsidiary that generates and distributes electricity also produced from natural sources (including wind and solar). In 2018 he becomes a member of the board of directors and vice president with responsibility for non-insurance operations. In 2021 Warren Buffett – who will turn 94 this August – designates him as his successor and a year later he becomes CEO of Bhe (a company valued in 2020 at a figure over 100 billion dollars). Greg Abel’s annual compensation is estimated to be $19 million for his current work at Berkshire Hathaway.
