Woodstock for Capitalists” was held on Saturday. Most notably, Buffett announced his intention to step down from his CEO role at year-end.

Buffett's decision to step down caps a remarkable 60-year run where he transformed Berkshire from a failing textile company into an enormous conglomerate with businesses across the U.S. economy.

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.