New Delhi, May 5 -- Warren Buffett's Berkshire Hathaway has named its Vice Chairman Greg Abel as the next CEO of the company as the ace investor stepped aside from his role.

Abel's appointment will be effective from January 1, 2026, Berkshire Hathaway said in a statement.

Warren Buffett will step aside as the CEO but will continue with his role as chairman of the board of the $1.16 trillion conglomerate.

In a statement on Monday, the Omaha, Nebraska-based company said that the decision was unanimous.

(This is a developing story, Check back for updates)

Published by HT Digital Content Services with permission from MINT....