Warren Buffett said on May 3 he is stepping down as CEO of Berkshire Hathaway, where he has been chief executive for 60 years, at the end of 2025. The billionaire investor made the announcement at the close of Berkshire Hathaway's annual shareholder meeting in Omaha,

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.

Warren Buffett told Berkshire Hathaway shareholders Saturday that he will step down as CEO by year's end, and he tapped Greg Abel as his successor.