The board of Berkshire Hathaway voted to keep Warren Buffett as its chairman and appointed a new company president and CEO. On Sunday, board members voted unanimously to name Greg Abel as Berkshire Hathaway's president and CEO starting Jan.

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.

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.