Greg Abel steps in: Buffett names his successor at Berkshire Hathaway

The Warren Buffett era is ending.

At 93, after decades of shaping Berkshire Hathaway into a $1.16 trillion giant, Buffett says he’s stepping down — by year’s end.

His successor?

Not a surprise. But now, it's official.

Greg Abel — a name that’s been in the wings for years.

Buffett, 90, confirmed the plan to the business network after Berkshire's annual meeting over the weekend.

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"The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning," Buffett told CNBC.

Abel, 59, is vice chairman of Berkshire's non-insurance operations.

Buffett currently ranks as the world's sixth richest person with wealth of $103.7 billion, according to Forbes magazine.

A unique figure in American business, Buffett's plain-spoken approach to big business and his understated personal life has made him a broadly popular figure in the United States even as Berkshire has amassed massive assets in the insurance and utility businesses and large equity stakes in a vast array of US companies.

Buffett has led Berkshire for decades with Charlie Munger, 97, vice chairman of the board.

Buffett also indicated that Vice Chairman Ajit Jain, 69, who runs the company's insurance operations, was the second in line to succeed if anything should happen to Abel.

Abel joined the company in 1992 and Jain in 1986 and are well known with the Berkshire.