Warren Buffett is over. Who will replace it?

In the last minute of the General Assembly, Berkshire Hathaway, Warren Buffett, a shareholder and investor, announced that he was leaving for a well -deserved pension at the end of the year.

It is the longest -serving CEO of companies in the S&P 500 index and the fifth richest person in the world. His assets are estimated at $ 169 billion. The most successful investor of history continues to live in the same house in Omaha, USA, which he bought in 1958 for $ 31,500.

Buffett has been able to defeat the stock market as a whole for a long time.

While the long -term return of the US S&P 500 is moving around ten percent per year, Buffett is able to achieve an average yield of about 20 percent per year.

His company Berkshire’s shares have increased by 5.5 million percent to the price since 1965, while S&P 500 jumped by 39,000 percent.

For his performance he earned the nickname of the fortune by Omaha. He claims that he has managed to get rich with patience, purposefulness and constant education (apparently 80 percent of working time reads).

In the 2009 biographical book, Buffetta depicted Buffetta as obsessed. Already as a six -year -old he sold chewing gums and Coca Cola when he was seven, he said he asked his father (the Republican Congressman) to Christmas bought a book about bonds.

The retired retirement ends with the era of the best investor of history, whose success and modesty has been shaped and inspired by professionals and laymen from around the world.

Buffett confirmed that the Board of Directors will recommend that Greg Abel be his successor, whose position he chose for this position in 2021. What do we know about the future boss Berkshire Hathaway?

Sadness after losing a friend

In a letter to a shareholder of 2023 Buffett published A rare statement in which he admitted that although he does not want to retire, he « plays in overtime ». His words about over -service in the company were perceived as the first serious indication that he was seriously aware of his high age (at that time he was 93 years old).

At the General Assembly of Berkshire Hathaway a year later, in May 2024, for the first time next to him did not sit in front of the audience and fans of his long -time business partner and friend Charlie Munger. He died at the age of a hundred years.

He referred to Munger Buffett as « architect Berkshire », with whom he often consulted and formed an unforgettable couple in the investment. He was even wrong when he approached Greg Abel, who replaced Mungera next to him last year at the General Assembly, as « Charlie », which was a moving moment reflecting the depth of their partnership.

Buffett said last year that he felt good, but joked that he should no longer sign new employment contracts because he doesn’t know where he would be in a year.

« I hope not only will come next year, but that I will also come, » he referred to the General Assembly in 2025 with a joke.

His words were proof that he perceived his own mortality even more intensely after the death of a friend, which gave his sentence more serious tone.

Last weekend at the General Assembly, he definitely confirmed that his investor’s career was coming to an end. « I think it is time for Greg (Abel) to take over the position of CEO of the company at the end of the year. »

Buffett indicated that after leaving he will remain in Berkshire and will be « helpful », but the final word will be his successor.

« I will still work here and I could be useful in certain cases, but the last word will have Greg in operations, capital allocation and everything else. » His son Howie Buffett should take over the role of the inefficient Chairman of the Board of Directors after his death to preserve Berkshire culture.

The retired notification came after Buffett answered five hours of audience investors five hours.

The handover of the position of CEO was prepared in advance, so it is no surprise. « It is a logical and good step in the life of Berkshire Hathaway. The final decision -making authority will take over in all things Greg Abel.

The longer I watch him, the more I like it, and I believe that in many respects it can be better than Buffett, ”said the founder of the investment company Vltava Fund Daniel Gladiš, who is a long -time fan Buffetta.

Who is Greg Abel

Greg Abel was introduced to the public as a possible successor to Warren Buffett during the shareholder meeting in May 2021, which took place online for the pandemic. At that time, Charlie Munger, then Vice President of Berkshire, said when he said that Greg Abel was a preferred successor candidate.

Warren Buffett then confirmed Munger’s words and described Abel as a successor. « The directors (Berkshire) agree that if something happened to me tonight, it would be Greg who would take the lead tomorrow morning, » Buffett said in 2021.

He added that Abel has the ability to lead Berkshire and preserve its unique culture, which is based on autonomy of subsidiaries and a conservative approach to investment.

Greg Abel is 62 years old and is currently the CEO of Berkshire Hathaway Energy and vice -chairman for operations outside the insurance industry.

A native of Edmonton, Canada, will take over the position of CEO of Berkshire Hathaway officially in 2026.

Abel will have to get out of Buffett’s shadow and prove that he really can lead the most valuable American conglomerate. However, it has all the prerequisites and rich experience to do it without any problems.

From Canada to Berkshire

Greg Abel graduated from the University of Albert, where he won the accounting title. After graduation, he worked at the PricewaterhouseCoopers (PWC) consulting company in Canada and later in San Francisco, where he gained expertise in finance and energy.

In 1992 he joined the American energy company Calenga, which focused on geothermal energy and other energy projects. In Calenga career grew thanks to analytical and management skills. He became a key character in the growth of a company that was later renamed Midamerican Energy Holdings.

In 1999, Berkshire Hathaway bought a control stake for approximately $ 2 billion (Buffett later increased the share). This acquisition was for Berkshire entry into the energy sector, which Buffett considered stable and profitable.

Midamerican, where Abel worked as a top manager, became a subsidiary of Berkshire. Under his leadership, the company was doing well, grew by other acquisitions, such as Pacificorp in 2005 for $ 5.1 billion, and the company invested capital in wind and solar power plants.

In 2008, Abel became chairman and CEO of the whole energy division of Berkshire Hathaway Energy. Under his leadership, she significantly increased profits and expanded his investment in green energy, which further strengthened his position in the Buffett Congometer.

In 2018, Buffett promoted him to the Vice President of the Board of the Board of Berkshire Hathaway for non -insulation operations. Since then, it has been supervised not only by energy, but also to the wide portfolio of subsidiaries from railways (BNSF) to almost two hundred production and retail companies in the Berkshire portfolio.

This job ejected him in the position of one of the two main candidates for Buffett’s successor along with Ayit Jain, who became vice president of the Board of Board of Board of Berkshire Hathaway for insurance operations.

Greg Abel fell into Berkshire mentally, and Buffett and Charlie Munger repeatedly praised him for his work ethics, strategic thinking and inconspicuous behavior that produces the results. Buffett said at a shareholder meeting in 2021 that Greg Abel « is doing a job better than myself ».

Ordinary guy

Former Vice -Chairman of Berkshire Charlie Munger described Abela as « a sensational business leader, both on a strategic and operative level. He is a very remarkable person and Berkshire is very lucky to have it, » Munger said, saying that Abel is a fair manager who can surround quality people who don’t play any games.

Colleagues and analysts characterize it as « unobtrusive » and « pragmatic », which is in line with the Berkshire Hathaway culture, which emphasizes the results and not on publicity.

Unlike Buffett, who likes to communicate with the media and shareholders through letters or funny notes, Abel avoids spotlights and media. At the annual meetings of Berkshire, he answers the questions briefly and factually, without pursuing personal anecdotes. It focuses more on his role of manager than building a personal brand.

He lives in Des Moines (Iowa), where Berkshire Hathaway Energy is based, but there is little information about personal life because it protects privacy.

It comes from a relatively poor family. His father was a dealer of firefighting equipment and his mother with a legal trainee and led him to work.

He loved since childhood hockey. Enthusiasm for this Sport He won mainly thanks to his uncle, who won the famous Stanley Cup three times. He and her son go to hockey matches. Parents of children who train with his son, they consider For an ordinary guy who takes Pucks after the match and has no problem talking.

Although he manages dozens of companies in the buffett portfolio, he finds time for pizza and beer with friends, goes to concerts and wears his son skates and sticks while traveling with the hockey team for matches.