Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel’s strengths lie more in running businesses.

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

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.