Warren Buffett has done what he can to prepare his successor at Berkshire Hathaway. He has tasked CEO-in-waiting Greg Abel with running most of the companies the sprawling conglomerate owns. He named Abel a vice chairman,

Warren Buffett shocked an arena full of his shareholders when he announced his intention Saturday to step down as the CEO of Berkshire Hathaway at the end of the year. The 94-year-old legendary investor also said he will recommend to his board that Greg Abel should become CEO.

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.