Greg Abel, 62, is going to be the next CEO of Berkshire Hathaway. Buffett said he would step down at the end of the year.

Warren Buffett has done what he can to prepare his successor at Berkshire Hathaway. He has tasked CEO-in-waiting Greg Abel with running most of the companies the sprawling conglomerate owns. He named Abel a vice chairman,

Although Abel's expected ascension had been known for four years, the announcement at Berkshire's annual meeting in Omaha, Nebraska, was a surprise.