Berkshire Hathaway's board voted unanimously to name Greg Abel president and CEO starting next year, CNBC reported on Monday, citing sources. The move officially initiates the transition that will see CEO Warren Buffett step aside after six decades at the helm of the conglomerate.

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.

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.