Summit Global Investments CIO David Harden discusses how Berkshire Hathaway stocks hit record highs in the “Craman Countdown.”
Over the weekend, Warren Buffett of Berkshire Hathaway announced plans to step down as CEO from next year.
Greg Abel, vice-chairman of Berkshire’s non-insurance business, received unanimous approval from the board of directors. Buffett’s successNow, more than half a century later, I plan to abandon my top job.
Abel will begin his tenure as Berkshire’s new CEO on January 1, 2026.
Buffett’s planned successor has acquired his current position in Berkshire since January 2018 and chairs Berkshire Hathaway Energy, a subsidiary that owns companies such as Pasicorp, Northern Natural Gas and BHE Renewable Energy.
Centre Greg Abel is currently vice-chairman of Berkshire Hathaway’s non-insurance business. (Getty Images/Dan Blue Ellette via Getty Images/Bloomberg)
Abel has a long history Energy Sectorpurchased by Calenergy and took on the name in the late 1990s, and worked for Calenergy and later MidAmerican Energy Holdings Company.
Warren Buffett will step down as CEO of Berkshire Hathaway by the end of the year
He joined Berkshire in 1999, and the conglomerate purchased the profits of the majority of Central American Energy Holdings Company. He was the CEO of Central America at the time of that contract and eventually became the CEO of the company.
His first job as a university graduate was Pricewaterhousecoopers, according to the Horatio Alger Association of Distinguished Americans Association, a nonprofit organization in which he plays the role of president.
Abel, a Canadian, attended the University of Alberta and received a commercial degree.
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Before Abel recommends becoming Berkshire Next CEOBuffett has revealed many times that Abel is his greatest choice for his successor.
Berkshire Hathaway shareholders will walk by the video screen at the company’s annual meeting held in Omaha, Nebraska on May 4, 2013. (Reuters/Rick Wilking/File Photo/Reuters Photo)
“Oracle of Omaha” told CNBC in 2021 that the Berkshire director agreed, “If anything happens to me tonight, it’s Greg, who will take over tomorrow morning.”
Warren Buffett will be attending the world premiere of “Become Warren Buffett” at the Museum of Modern Art, which will be held on January 19, 2017 in New York City. (J. Kempin/Getty Images/Getty Images)
In a 2023 letter to shareholders, Buffett wrote Abel saying that Abel “I’m ready to become Berkshire CEO in every respect.” Furthermore, in a 2024 letter, he said, “It’s not too long before Greg Abel replaces me as CEO and writes the annual letter.”
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Berkshire said Abel will take on the CEO job early next year, and Buffett will be chaired.
The conglomerate generated $89.7 billion in total revenue in the first quarter.
Berkshire’s market capitalization was heading north by $1 trillion late Monday morning.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| brk.A | Berkshire Hathaway | 779,140.57 | -30,209.43 |
-3.73% |
| brk.B | Berkshire Hathaway | 518.32 | -20.99 |
-3.89% |
