Berkshire’s Board Follows Buffett’s Advice, Naming Abel Next CEO

Berkshire Hathaway Inc. followed Chief Executive Officer Warren Buffett’s recommendation, naming Vice Chairman Greg Abel to replace the billionaire as CEO, effective Jan. 1.

The vote Sunday by Berkshire’s directors was unanimous, the Omaha, Nebraska-based company said in a statement Monday. Buffett will remain chairman of the board, Berkshire said.

Greg Abel, center, during the 2022 Berkshire Hathaway annual meeting.

Photographer: Dan Brouillette/Bloomberg

On Saturday, Buffett, 94, picked the final minute of his 60th shareholder meeting to drop the long-awaited succession announcement — one that nevertheless came as a surprise to investors, most of his board and even Abel. Abel, 62, will oversee a conglomerate with nearly 400,000 employees at businesses ...