Berkshire Hathaway is officially in it's post-Warren Buffett era as it takes on its first new CEO in six decades
Buffett held the top job for over 60 years, but stepped down last Friday, handing over the reigns to long time employee Greg Abel.
Abel had been serving as the vice chairman of non-insurance operations for the last seven years but has been at Berkshire Hathaway since 2000.
However, the passing of the torch will not be without difficulties, as Buffett leaves behind a dedicated following and huge legacy.
Business Insider reported that it expects Abel to face three challenges: creating his own unique company culture while maintaining the much loved Buffett style, balancing his slew of new responsibilities and the allocation of Berkshire's significant cash pile.
He also faces the retirement of Marc D. Hamburg, Senior Vice President and Chief Financial Officer, in June of 2027, after 40 years at Berkshire Hathaway.
On Friday, the changeover saw shares in the conglomerate fall slightly and at the time of reporting they were trading down 1.41% at US$744,120.
