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The Board of Omaha-based Berkshire Hathaway has unanimously approved Greg Abel as the next President and CEO of the company, effective on January 1st of next year.
Current CEO Warren Buffett announced at Berkshire's Annual Shareholder's meeting last weekend that he would be stepping down from his post. He recommended Abel for the position.
Buffett will remain the Chairman of the company's board of directors.
Abel is a West Des Moines resident.