Who is Greg Abel, Warren Buffett's choice to replace him as CEO

Warren Buffett shocked an arena afloat of his shareholders erstwhile helium announced his volition Saturday to step down arsenic the CEO of Berkshire Hathaway astatine the extremity of the year. 

The 94-year-old legendary capitalist besides said helium volition urge to his committee that Greg Abel should go CEO.

Buffett said astatine his yearly shareholders gathering, often called "Woodstock for capitalists," that helium thinks the "time has arrived" for Abel to determination into the country office. Two different concern managers volition instrumentality complaint of the company's banal portfolio.

Buffett has repeatedly reassured investors that he's assured successful the pick, but who is Greg Abel, his designated successor?

Who is Greg Abel?

Warren Buffett said successful 2021 that Greg Abel, his apical lieutenant for galore years and an vigor executive, would go CEO erstwhile helium retired. Buffett besides often famously said helium has nary plans to retire.

Abel, who presently oversees each of Berkshire's non-insurance companies, was calved successful Alberta, Canada, according to a 2016 Fortune profile of the executive. The erstwhile amateur hockey subordinate and avid golfer joined Berkshire successful 2000 erstwhile the security institution acquired MidAmerican. Abel was CEO of the Iowa utility, a determination vigor supplier with conscionable $122 cardinal successful sales.

Greg Abel, president and main enforcement serviceman of Berkshire Hathaway Energy Co., center, speaks with attendees earlier the commencement of the Berkshire Hathaway Inc. yearly gathering successful Omaha, Nebraska, U.S., Bloomberg

Once astatine Berkshire, Abel rebuilt MidAmerican into Berkshire Hathaway Energy, the largest shaper of upwind vigor successful the country. Berkshire's inferior operations present make billions successful yearly revenue.

Abel was named vice president of Berkshire Hathaway successful 2018. Although helium has been astatine the institution for much than 2 decades, helium is considered to beryllium overmuch much guarded and hands-on than Buffett. 

"I deliberation we'll get a much hands-on manager and that could beryllium a bully thing," Steven Check, who runs Check Capital Management, said beforehand, the Associated Press reported. But helium said Abel besides knows that those managers bask the state to tally their businesses and Abel isn't going to bash thing to crook them off.

Abel is good regarded by Berkshire's managers and Buffett has praised his concern acumen for years, the AP said. But helium volition person a hard clip matching Buffett's legendary performance, and since helium doesn't power 30% of Berkshire's banal similar Buffett does, helium won't person arsenic overmuch leeway.

Abel lived successful Omaha for six years in the 1990s, conscionable a fewer blocks from Buffett. During that time, the 2 had ne'er met, according to Buffett. 

The Associated Press and Kate Gibson contributed to this report.