It's perhaps one of the greatest examples of "big shoes to fill" in the history of American business. Current Berkshire Hathaway ( BRK.A -1.59%) ( BRK.B -1.68%) Vice Chairman Greg Abel was officially announced as Warren Buffett's replacement as CEO of the company.

Warren Buffett says Greg Abel didn’t need to be taught how to lead Berkshire Hathaway. “He’s a natural,” Buffett said of Berkshire’s next chief executive in an [interview with The Wall Street Journal]