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.

Investors had speculated in recent years that Warren E. Buffett might eventually retire. But the 94-year-old billionaire still surprised many on Saturday, when he announced that he planned to step down as chief executive of Berkshire Hathaway after nearly six decades.

Less surprising is who he said he intended to succeed him as the leader of the $1.1 trillion conglomerate he built: Gregory E. Abel, his yearslong heir apparent.

Who is Greg Abel?

Since 2018, Mr. Abel, 62, has been vice chairman of Berkshire’s non-insurance companies, the 189 operating businesses that include the BNSF railroad, one of the nation’s largest; Berkshire Hathaway Energy, a giant power utility; restaurant chains and retailers like Dairy Queen and the Borsheims jewelry chain; consumer brands such as Fruit of the Loom underwear,

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