Abel, a small child when Buffett took the helm at Berkshire Hathaway, runs the conglomerate’s noninsurance businesses.

He described his Edmonton neighborhood in Alberta, Canada, as working-class and family-oriented. He lives in Iowa with his family.

When Warren Buffett announced at his annual shareholder meeting that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants.