Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel’s strengths lie more in running businesses.

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.

Business magnate Warren Buffett announced Saturday he would be stepping down as CEO of Berkshire Hathaway after six decades of leading the trillion-dollar holding company. Buffett, 94, revealed the news during an annual shareholder meeting where he formally named Vice Chairman Greg Abel as his successor.