• Warren Buffett announces his retirement and recommends Greg Abel as his successor as CEO of Berkshire Hathaway.
• Abel, currently vice chairman, has been with the company since it acquired MidAmerican Energy in 2000.
• Buffett expresses confidence in Abel's ability to uphold Berkshire's investment strategy and corporate culture.
• Abel's leadership style is expected to be more hands-on compared to Buffett's approach.
• The leadership transition is planned for the end of this year.

In a surprising announcement during the annual shareholder meeting, Warren Buffett revealed his intention to step down as CEO of Berkshire Hathaway by the end of this year, endorsing Greg Abel as his successor. Buffett emphasized that the time had come for Abel to take the reins, stating, "I think the time has arrived where Greg should become the Chief Executive officer of the company at year end," according to Indiatimes and CBS News.

Greg Abel, who has been vice chairman of Berkshire’s non-insurance operations since 2018 and has been widely regarded as Buffett's heir apparent, joined the company during its acquisition of MidAmerican Energy in 2000. Abel has since played a critical role in transforming the energy subsidiary into Berkshire Hathaway Energy, which is now a significant player in the US wind energy market, as detailed by Reuters and Indiatimes.

Buffett, the company's 94-year-old chairman, clarified the board's unanimous agreement on Abel's potential as CEO, acknowledging, "It's working way better with Greg Abel than with me, because I don't want to work as hard as he works." The transition is expected to preserve Berkshire's long-term investment strategy while maintaining its decentralized corporate structure, according to New York Times and Reuters.

Throughout his career, Abel has been noted for his methodical management style, which contrasts with Buffett's more high-profile approach. Those who have worked with Abel describe him as a perceptive questioner who places great emphasis on understanding the businesses he oversees, which aligns with his vision of sustained, long-term growth for Berkshire Hathaway. Shareholders remain eager to see how Abel will navigate the challenges of succeeding one of the most celebrated investors in history, according to CBS News and New York Times.

As the incoming CEO, Abel will oversee Berkshire's vast portfolio, which includes a wide range of industries from transportation to utilities and consumer products. His management could be more active compared to Buffett's laissez-faire style, with observers predicting that he may prioritize operational scrutiny to drive success. The full implications of his style and strategies will only unfold once he officially takes over, as discussed by New York Times and Reuters.