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Berkshire board names Greg Abel as CEO, Buffett to remain chair, CNBC reports

Reuters05-05

UPDATE 2-Berkshire board names Greg Abel as CEO, Buffett to remain chair, CNBC reports

Adds context in paragraph 4, shares in paragraph 5

May 5 (Reuters) - Berkshire Hathaway's BRKa.N board voted unanimously to name Greg Abel president and CEO starting next year, while Warren Buffett will stay on as chairman, CNBC reported on Monday, citing sources.

The move officially initiates the transition that will see Buffett step aside after six decades at the helm of the conglomerate. Buffett surprised shareholders on Saturday, when he said he would step down as CEO at the end of the year.

Abel and most of Berkshire's board of directors were not aware of his plans prior to the announcement. Buffett had said the conglomerate's board would meet on Sunday to discuss the transition.

Having Buffett in the chair role could add a layer of stability and reassure investors as Abel takes over from an iconic figure whose reputation and legacy loom large.

Class B shares of the company were down nearly 2% in premarket trading.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

((Niket.Nishant@thomsonreuters.com;))

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