Warren Buffett chooses Greg Abel over son Howard as Berkshire Hathaway’s next CEO, who is he?

In a major announcement on May 3, legendary investor Warren Buffett said he would retire at the end of 2024 after leading Berkshire Hathaway for decades. Speaking at the company’s annual shareholder meeting, the 94-year-old revealed that Greg Abel, 62, will take over as the Chief Executive Officer (CEO) of the company. “I think the time has arrived where Greg should become the CEO of the company at year-end,” Buffett said.

What made the announcement even more surprising was that Abel himself had no idea it was coming. Only Buffett’s children, Susie, Howard, and Peter, and the company board were aware of the decision beforehand.

Even though Buffett’s son, Howard Buffett, has been on the board of Berkshire Hathaway for over 30 years, he will not be the CEO. Instead, he is set to take over as the non-executive chairman, which means he will help guide the company’s culture and values but will not be involved in its day-to-day operations. This plan had been in the works for years and was reported earlier by The Wall Street Journal.

Why Howard Buffett Won’t Be CEO
Howard Buffett, now 70, has been active in various fields, including public service and philanthropy. He once served as a County Commissioner in Nebraska and has also been on the boards of several companies such as Coca-Cola Enterprises, ConAgra Foods, and Lindsay Corporation. He also runs a charitable foundation. Over the years, he has invested in companies but never taken on a direct executive role.

Warren Buffett made it clear that while Howard is his son, he is not being given the CEO role because that job requires specific operational expertise, which Greg Abel brings from his experience managing Berkshire’s non-insurance businesses. However, Warren did say that he trusts all three of his children completely.

Focus on Legacy and Culture
Howard Buffett has stated that his main role as non-executive chairman will be to preserve the company’s culture. According to him, the core values of Berkshire Hathaway are honesty, simplicity, fairness, and respect for both shareholders and employees.

Howard’s siblings echoed this sentiment. Susie Buffett called him someone who becomes “110% involved” in things that matter to him, while Peter Buffett said Howard “carries the weight of meaning around Berkshire and what my dad has built.”

About Berkshire Hathaway
Founded in 1965 by Warren Buffett and his longtime friend Charlie Munger (who passed away in November 2023), Berkshire Hathaway has grown into a business empire worth over $1 trillion. The company owns around 200 businesses, including popular names like Geico, Dairy Queen, See’s Candies, and BNSF Railway.

With this planned transition, Warren Buffett is leaving behind not only a massive business legacy but also a structure to keep his values alive within the company for years to come.