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.

Greg Abel, 62, is going to be the next CEO of Berkshire Hathaway. Buffett said he would step down at the end of the year.