New Delhi, May 6 -- Even though the eventual handover was known, Berkshire Hathaway shares fell more than 6% on Monday as its board reportedly voted to name vice-chairman Greg Abel as president and chief executive officer, starting next year after Warren Buffett announced his intention to hand over the baton.

Abel's name as successor has been confirmed since 2021, yet such is the influence of Buffett, 94, that investors still seem uneasy about his exit. His six decades at the helm have seen immense value creation, as he, with the aid of his late business partner Charlie Munger, transformed Berkshire from an embattled textile firm to an over $1 trillion investment powerhouse.

Its stock has fetched a mind-boggling 5,502,284% return from 1...