Warren Buffett said on Saturday he will step down as the CEO of Berkshire Hathaway by year's end.The board has voted to make Greg Abel, now a vice chair at the company, its CEO and president.Abel is expected to maintain Buffett's existing investment approach.

The Berkshire Hathaway board of directors will keep Warren Buffett as its chairman and appointed Greg Abel as new company president and CEO to replace 94-year-old Buffett.

Berkshire Hathaway's board said Monday it approved Warren Buffett's successor Greg Abel to take over as CEO at the end of the year, while Buffett remains chair of the board.