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.

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

Warren Buffett said on Saturday he will step down as chief executive of Berkshire Hathaway at the end of the year, and hand over the reins to Vice Chairman Greg Abel. "I think the time has arrived where Greg should become the chief executive of the company at year end,