Greg Abel, who will become the next CEO of Berkshire Hathaway, reveals his straightforward philosophy for success.

Berkshire Hathaway CEO Warren Buffett said it would be "unfair" not to let his successor, Greg Abel, take over the top job at the conglomerate.

It's perhaps one of the greatest examples of "big shoes to fill" in the history of American business. Current Berkshire Hathaway ( BRK.A -1.59%) ( BRK.B -1.68%) Vice Chairman Greg Abel was officially announced as Warren Buffett's replacement as CEO of the company.

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.

Warren Buffett says Greg Abel didn’t need to be taught how to lead Berkshire Hathaway. “He’s a natural,” Buffett said of Berkshire’s next chief executive in an [interview with The Wall Street Journal]

Warren Buffett recently announced that he plans to step away as CEO of Berkshire Hathaway at the end of the year.

Is inflation wearing down your dollars? Listen to Warren Buffett's advice on how to defend your finances against inflation.

Speaking at Berkshire’s annual meeting in Omaha, Buffett said he will discuss succession plan