Canadian businessman Greg Abel is anticipated to take over the helm of Berkshire Hathaway Inc. (NYSE: BRK-A) from Warren Buffett and appears to have the full backing of at least one board member ahead of the firm's annual shareholders meeting on Saturday.

What Happened: According to a report by The Independent, Berkshire board member Ron Olson expressed confidence in Abel's capabilities to succeed Buffett.

Olson lauded Abel's grasp of the core principles that have steered Buffett and his dedication to managing Berkshire conservatively to ensure the company's financial stability.

Olson also believes that Abel's leadership will not deter business owners from selling their firms to Berkshire, as reported by the outlet.

He dismissed worries that the public legal dispute with the Haslam family over the final price of the Pilot truck stop chain last year would affect future transactions.

"Greg is not somebody who is going to be as likely to create the kind of following in the press that I think Warren has had," Olson told The Independent. "On the other hand. I have every reason to believe that he will run the companies that we have the responsibility for in the same way that Warren ran them."

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Abel, known for maintaining a low profile, will field questions alongside Buffett during the shareholders meeting on Saturday. He has supervised all of Berkshire's non-insurance businesses for several years.

Despite the significant passing of Buffett's longtime partner Charlie Munger last fall, Olson said he is confident that Abel and Ajit Jain, who oversees the insurance businesses, will continue Buffett's and Munger's legacies.

Why It Matters: In May 2023, Buffett confirmed Abel as his successor at Berkshire Hathaway. During the company's annual shareholder meeting, Buffett stated that he was "100% comfortable" with his decision and suggested that the transition would largely be business as usual.

"Greg understands capital allocation as well as I do. That's lucky for us," Buffett said.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo: Alpha Photo via flickr