Greg Abel, who will succeed Warren Buffett as Berkshire Hathaway CEO, is currently the company's vice chairman of non-insurance operations. He begins his new role on Jan. 1, 2026.

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

Without question, Warren Buffett is the world's greatest living investor, maybe the best of all time. In his 60 years as chairman and CEO of Berkshire Hathaway (BRK-A) (BRK-B), he has generated cumulative returns of 5.5 million percent, a compounded annual growth rate of 20%, twice as much as the S&P 500.