Buffett Exit to Lift Energy Executive Abel to Berkshire CEO (1)

Greg Abel built one of the largest energy businesses in the US under mentor Warren Buffett. Now, he’ll try to fill the shoes of the world’s most famous investor.

At the company’s annual meeting Saturday, 94-year-old Buffett said he would recommend to the board of directors that Abel become Berkshire Hathaway’s new CEO at the end of the year. It’ll be discussed at the firm’s board meeting Sunday, he said.

Greg Abel at Berkshire’s annual meeting in Omaha, Nebraska, in 2017.

Photographer: Daniel Acker/Bloomberg

“The time has arrived,” Buffett said at the conclusion of the meeting’s question-and-answer session. Abel was unaware the announcement was coming, Buffett said.

Abel, 62, will be ...