Who is Greg Abel, Warren Buffett's choice to replace him as CEO of Berkshire Hathaway?

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.

Buffett said at his annual shareholders gathering, often called "Woodstock for capitalists," that he thinks the "time has arrived" for Abel to move into the corner office.