What is Greg Abel's net worth? Warren Buffett says successor CEO of Berkshire Hathaway know shareholders can't be fooled

Greg Abel, a Canadian-born accountant, has been picked by Warren Buffett as the CEO of Berkshire Hathaway. Buffett, 94, announced his decision to retire as CEO of the company on Saturday.

"The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end," Buffett said, putting an end to his 55-year tenure as CEO of Berkshire Hathaway.

What is Greg Abel's net worth?

Greg Abel, who lives in Des Moines, Iowa, has nearly a billion-dollar net worth, reports Business Insider. In 2021, his estimated net worth was $484 million, according to Forbes.

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"At 94, it won't be long before Greg Abel replaces me as CEO and will be writing the annual letters. Greg shares the Berkshire creed that a 'report' is what a Berkshire CEO annually owes to owners," Buffett wrote in the 2024 annual report.

"(Abel) understands that if you start fooling shareholders, you will soon believe your own baloney and be fooling yourself as well," he added.

Abel also chairs Berkshire Hathaway Energy, praised as one of the four jewels of the parent company by Buffett in his 2021 annual shareholder letter. It was the same year when Abel was revealed to be the likely successor of Buffett, thanks to the latter's partner Charlie Munger who accidentally revealed the information.

Abel, 62, has been working at the company for the past two decades. He was included in the director board in 2018, when he was made the vice-chair of non-insurance operations.

It should be noted that Buffet's successor was instrumental in helping grow Berkshire Hathaway's position in  five Japanese conglomerates.

Abel's appointment as CEO now needs to be approved by the board of directors.

Business