Greg Abel

Last updated
Greg Abel
Born
Gregory Edward Abel

(1962-06-01) June 1, 1962 (age 61)
Edmonton, Alberta, Canada
Education University of Alberta (BComm)
Occupation(s)Chairman and CEO of Berkshire Hathaway Energy
Vice-chairman of Berkshire Hathaway
SpouseAndrea Abel
Children4

Gregory Edward Abel (born June 1, 1962) is a Canadian businessman, chairman and CEO of Berkshire Hathaway Energy, and vice-chairman of non-insurance operations of Berkshire Hathaway since January 2018.

Contents

Early life and education

Gregory Edward Abel was born on June 1, 1962, in Edmonton, Alberta. [1] [2]

During his childhood Abel did odd jobs like distributing flyers and returning bottles to make money. He also worked as a laborer for a forest product company. [3] He did not participate in too many extracurricular activities in school, aside from hockey and football. [4]

He earned a bachelor's degree in accounting from the University of Alberta in 1984, and is an AICPA certified public accountant. [2] [5]

Career

Abel began his career working as a chartered accountant with PricewaterhouseCoopers in their San Francisco office. In 1992, he joined CalEnergy, a geothermal electricity producer. [2] In 1999, CalEnergy acquired MidAmerican Energy, adopting its name, and Berkshire Hathaway acquired a controlling interest later that year. Abel became CEO of MidAmerican in 2008, [6] and the company was renamed Berkshire Hathaway Energy in 2014. [2]

In January 2018, Abel was named Berkshire Hathaway's vice chairman for non-insurance operations and appointed to Berkshire's board of directors. [7]

Abel is also vice chairman of Edison Electric Institute, and a director of Associated Electric & Gas Insurance Services Limited, Kraft Heinz, Nuclear Electric Insurance Limited, the Hockey Canada Foundation, the Mid-Iowa Council Boy Scouts of America, and the American Football Coaches Foundation. He has been on the board of trustees at Duke University and at Drake University. [8] [9]

In a May 2021 interview, Warren Buffett confirmed Abel as his future successor as CEO of Berkshire Hathaway. [10] [11] Abel's handling of CalEnergy’s take-over of a British utility in the 1990s is credited to mark the start of this transition. [12]

Net worth

In June 2022, he sold his 1% stake in Berkshire Hathaway Energy for $870 million. [13]

In October 2022, it was announced that Abel purchased 168 shares of Berkshire Class A shares worth approximately $68 million. This equates to an approximate average share purchase price of $404,761.90. Prior to this latest purchase, Abel held five Class A shares, and 2,363 Class B shares, according to previous filings. [14]

Honors

He received a Horatio Alger award in 2018. [3]

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References

  1. ↑ "Edmonton-born Greg Abel picked as Warren Buffett's successor as Berkshire Hathaway CEO". CBC News . May 3, 2021. Retrieved May 3, 2021.
  2. 1 2 3 4 Nelson, Jacqueline (May 14, 2014). "Warren Buffett's Canadian lieutenant eyes Alberta expansion". The Globe and Mail. Retrieved 10 January 2018.
  3. 1 2 "Business Leader and Philanthropist Gregory E. Abel to Receive 2018 Horatio Alger Award – Horatio Alger Association".
  4. ↑ "8 things to know about Greg Abel, Warren Buffett's successor at Berkshire Hathaway". Moneycontrol. 23 August 2022.
  5. ↑ "Executive Profile: Gregory Edward Abel". Bloomberg LP. Archived from the original on 11 January 2018. Retrieved 10 January 2018.
  6. ↑ Claman, Liz (2018-09-07). "Greg Abel: Holding a key to Buffett's Kingdom". FOXBusiness. Retrieved 2020-02-07.
  7. ↑ Kim, Tae (10 January 2018). "Warren Buffett takes a step closer to naming a successor as Berkshire appoints Abel and Jain to board as vice chairs". CNBC. Retrieved 10 January 2018.
  8. ↑ Das, Anupreeta (28 February 2015). "Greg Abel: an Astute Deal Maker Who Shuns the Spotlight". WSJ. Retrieved 31 March 2019.
  9. ↑ Jordan, Steve (11 January 2018). "New Berkshire Vice Chairman Gregory Abel called 'truly innovative' with 'great ideas'". Omaha World Herald. Retrieved 31 March 2019.
  10. ↑ Platt, Eric (May 3, 2021). "Berkshire succession: Greg Abel confirmed as Warren Buffett's successor" . The Financial Times. New York. Retrieved May 3, 2021.
  11. ↑ Isidore, Chris (2021-05-03). "Warren Buffett names his successor | CNN Business". CNN. Retrieved 2023-07-05.
  12. ↑ Huddleston, Tom. "What you need to know about Greg Abel — Warren Buffett's successor at Berkshire Hathaway" . Retrieved 18 May 2021.
  13. ↑ Millar, Gerard (6 August 2022). "Berkshire CEO-designate Abel sells stake in energy company he led for $870 million". CNBC.
  14. ↑ "Warren Buffett's Future Successor Buys $68 Million in Berkshire Shares".
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