CNBC, citing anonymous sources, reported that the board of Berkshire Hathaway unanimously voted to make Greg Abel its president and CEO beginning next year.

This move marks the official start of the transition process that will see Warren Buffett step down as CEO after 60 years at the top of the conglomerate. The report stated that he will remain chairman.

Buffett shocked shareholders when he announced on Saturday that he will step down as CEO by the end of this year.

Abel, and the majority of Berkshire Board of Directors, were unaware of Abel's plans before his announcement.

Buffett said that the board of the conglomerate would meet on Sunday in order to discuss the transition. (Reporting and editing by Arun K. Koyyur in Bengaluru, with Niket Nishant)

(source: Reuters)