Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.

When Warren Buffett announced at his annual shareholder meeting that he is stepping down as CEO of Berkshire Hathaway at the end of the year, he elevated a 62-year-old Canadian executive named Greg Abel who has long been one of his top lieutenants.