The board of Berkshire Hathaway voted to keep Warren Buffett as its chairman and appointed a new company president and CEO. On Sunday, board members voted unanimously to name Greg Abel as Berkshire Hathaway's president and CEO starting Jan.

Although Abel's expected ascension had been known for four years, the announcement at Berkshire's annual meeting in Omaha, Nebraska, was a surprise.

Warren Buffett said on Saturday he will step down as the CEO of Berkshire Hathaway by year's end.The board has voted to make Greg Abel, now a vice chair at the company, its CEO and president.Abel is expected to maintain Buffett's existing investment approach.