Berkshire Hathaway’s board of directors voted Sunday to appoint Greg Abel as the conglomerate’s CEO, effective Jan. 1, 2026, while Warren Buffett will remain chair of the company. Buffett, 94, announced the leadership transition at the company’s 60th annual meeting on Saturday in Omaha.

Abel, a Des Moines resident, is vice chair of Berkshire’s non-insurance operations and chair of Berkshire Hathaway Energy. After growing up and graduating from college in Canada, Abel joined CalEnergy in 1999. CalEnergy acquired Des Moines-based MidAmerican Energy and adopted its name. Berkshire Hathaway bought a controlling stake in MidAmerican the same year. Abel served as MidAmerican’s CEO from 2008 to 2018. The company was renamed Berkshire Hathaway Energy in 2014.

Here is some additional reading about Abel and the transition:

• Greg Abel’s challenge: Lead Berkshire into a new era without the Buffett touch (Wall Street Journal)
• What Warren Buffett learned from his biggest hits — and misses (Wall Street Journal)