Berkshire Hathaway shares fell nearly 2% premarket on Monday after famed investor Warren Buffett said he would step down as CEO of the $1.16 trillion conglomerate after leading it for 60 years.
The company's board voted unanimously to name Vice Chairman Greg Abel as president and CEO starting next year, CNBC reported on Monday, citing sourcesm while Buffett would stay as chairman.
The decision to hand over the reins to Abel was first announced by Buffett at Berkshire's annual meeting in Omaha, Nebraska, on Saturday.
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