Is Greg Abel The Prospective Successor Of Warren Buffett?

January 19th, 2011 - 7:55 pm ICT by GD  

By Meena Kar
greg_abeltopJan 19, (THAINDIAN NEWS) CEO of Berkshire Hathaway, Warren Buffett has not yet revealed who is going to succeed him, after he calls for retirement. However, thanks to a famous magazine, for which people have shortlisted four important names, who might have the chances to take over the throne of the “legendary investor”. Three of these anticipated contestants are, Ajit Jain, the head of Berkshire’s reinsurance business, David Sokol of NetJets and Matthew Rose of Burlington Northern. Apart from these three known people, the new candidate to get added up in this list is Greg Abel, the head of MidAmerican Energy Holdings.

Greg Abel has worked for CalEnergy, which is an independent power producer under the banner of Sokol. In 1996, he was asked to move to Newcastle to handle a takeover. Walter Scott, a director of Berkshire Hathaway and a shareholder of MidAmerican, was extremely impressed with the strategy with which he used to handle the tasks. Walter Scott said that Greg Abel is a very efficient person, who would be happily ready to do any kind of tasks under any given condition. He is good at managing the assets of his company, and he does it in a way so that the regulators, his employees and his employers feel good about it.

Indeed, his main employer Warren Buffett was absolutely impressed with Greg Abel’s efficiency. Warren Buffett said that Greg Abel is an extremely good manager and a very good “asset” of Berkshire. Ever since he has been recruited, MidAmerican has increased its earning to $1.2 billion, which is almost ten times to that of the last decade. Last year, it yielded a combined revenue of $11.2 billion. Warren Buffett will be reigning as the CEO and chairman of Berkshire Hathaway for another 12 years. Sources say that the young age of Greg Abel, therefore increases his chances to be the next successor of his employer.

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