Berkshire shares fall as Buffett names Abel CEO of $1.16 trillion empire

The company's board voted unanimously to name Vice Chairman Greg Abel as president and CEO starting next year and Buffett as chairman, it said on Monday. The decision to hand over the reins to Abel was first announced by Buffett at Berkshire's annual meeting in Omaha, Nebraska, on Saturday. Berkshire, which owns railroads, insurance companies and an ice-cream maker, has been planning for decades for the eventuality when Buffett, 94, who has run the company since 1965, is no longer there.