The Man Who Almost Replaced Warren Buffett

In taking over as chief executive of Berkshire Hathaway BRK.B -1.14%decrease; red down pointing triangle this month, Greg Abel faced questions about whether he is ready to step out of Warren Buffett’s shadow.

But the transition reminded some investors of another executive—Abel’s former boss—who for years was considered most likely to take the reins at one of the world’s best-known companies.