Berkshire Hathaway: A New Era Begins as Greg Abel Takes the Helm

Berkshire Hathaway's board has elected Greg Abel as president and CEO, marking the beginning of a major leadership transition. Warren Buffett will continue as chairman. The decision was unexpected as Buffett's plan to step down at the end of the year was not previously communicated to most board members.

In a significant shift, Berkshire Hathaway's board has taken the decisive step of appointing Greg Abel as its new president and CEO. The announcement comes as Warren Buffett prepares to transition out of his long-standing role as the company's chief executive.

Buffett, who has been at the forefront of the conglomerate for an astounding six decades, unexpectedly confirmed on Saturday his intention to step down as CEO. The board's decision to promote Abel marks the start of a new chapter for the company, whose future now rests on Abel's shoulders.

Despite stepping back from day-to-day operations, Buffett will retain his position as chairman, offering a sense of stability amidst the transition. This shift has already had an impact, with Berkshire's Class B shares experiencing a dip of nearly 2% in premarket trading.

(With inputs from agencies.)