In a surprise announcement on May 3, Warren Buffett said he will step down at year's end as CEO of Berkshire Hathaway, ending a 60-year era where the billionaire investor has become an influential and iconic part of the U.

Billionaire Warren Buffett announced he is stepping down as Berkshire Hathaway's CEO on Saturday during the company's annual shareholder meeting.

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.