The man who is preparing for a Berkshire without Buffett

Greg Abel, an energy veteran and Canada native, was picked by Buffett in 2021 to succeed him as chief executive

- Justin Baer

Berkshire Hathaway’s future chief executive officer is no Warren Buffett. Fortunately for Greg Abel, he doesn’t have to be.

Buffett, the 93-year-old chairman and CEO, unwrapped one of corporate America’s longest-running mysteries in 2021 when he confirmed that Abel was his pick to succeed him in the role as CEO.

Abel, now 61, is currently in charge of all of Berkshire’s noninsurance businesses, which range from building materials to chemicals, footwear and candy. Berkshire even owns one of North America’s largest railroads.

“Greg will be more successful than I have been, and if I said otherwise, my nose would grow," Buffett said recently.

Buffett shows no inclination to step aside. But the death last month of Charlie Munger, his longtime business partner, has put a spotlight on what happens to the eighth most valuable U.S. company when the man who built and held it all together for decades—Buffett himself—is no longer there.

After all, it is the wit and showmanship of Buffett that draws tens of thousands of people to the annual meetings. And it is his personal reputation as an astute investor that opens doors to unusually lucrative deals.

“Berkshire is changing," Edward Jones analyst James Shanahan said. “The last 50 years were about Berkshire’s unique characteristics and Berkshire as an investment company. For the next 50 it will be more as an operating company driving efficiencies and earnings growth."

Abel, unlike his boss, avoids the spotlight, and it is a safe bet he won’t appear on as many TV shows as Buffett, whose credits include “All My Children" and “The Office." But he is expected to be more of a hands-on manager of the Berkshire companies, a turnabout from his famously hands-off boss.