Kathmandu. Warren Buffett, president and CEO of Berkshire Hathaway, the world’s fifth richest man, has announced his retirement at the age of 94. He will now be replaced by Greg Abel at the end of 2025. Buffett announced his retirement at the company’s annual meeting on Saturday.
When it comes to Berkshire Hathaway’s business, it started with a clothing company. Which proved to be a failure at the initial stage. However, Warren Buffett turned it into a $1.6 trillion conglomerate. Today, the company’s business extends to companies that produce railway lines, insurance, textiles, construction, energy and ice cream. Buffett suddenly planned to step down as ceo of the company. Announced his retirement at the annual meeting. The announcement surprised 40,000 shareholders.
Highly praised Greg at the meeting. “It’s time for Greg to come,” he said. I don’t want to work as hard as Greg, Greg’s company is doing a good job with them. ’
Buffett is often hinting at his age and death. Now with the announcement of retirement, he has also made it clear that he will not sell a single share of his stake in the company. Instead those shares will be donated after his death.
Greg, 62, is originally Canadian. The beginning of his career has been very interesting. Born on June 1, 1962 in Edmonton, Alberta, Gregory Edward Abel aka Greg Abel grew up in a working-class family. According to the Horatio Alger Association of Distinguished Americans, he spent his early years cleaning discarded bottles and refilling fire extinguishers. “I had a working class family, which sometimes had jobs with people and sometimes didn’t,” he said in an association video. ’
Greg, who took charge of Berkshire Hathaway, cycled in his early days to distribute advertisement leaflets from house to house. After finishing high school, he started working at his father’s fire extinguishing company. He graduated from the University of Alberta in 1984 and then joined an energy company called CalEnergy. Since then he has never had to look back. In 1992, he joined Warren Buffett’s Berkshire Hathaway. He became ceo of Midamerican Energy, acquired by Berkshire in 2008. Which became known as Berkshire Hathaway Energy (BHE). He was subsequently named Berkshire’s vice president in 2018 and named to succeed Warren Buffett in 2021.
Based on his work, Greg soon won the trust of Warren Buffett. He demonstrated his ability to identify big deals and avoid big risks. Warren Buffett once said of him, “There are many intelligent people in this world, but some of them do very foolish things.” But Greg is a wise man who never does anything stupid. ’
According to reports, people who work with Greg often say that Greg has a glimpse of Warren Buffett. Greg’s appointment is being viewed positively by investors and industry experts.
Greg has a deep understanding of railways and retail. He has played an important role in many big contracts with Berkshire. According to the report, Greg, who lives in Des Moines, Iowa, has a net worth of about $ 1 billion. He is known to be a hockey fan. He is also the coach of his son’s hockey team.
However, although billionaire investor and Berkshire chairman Warren Buffett announced Greg’s appointment with the announcement of his retirement, the official approval of the board of directors is still awaited.
