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Berkshire Hathaway reveals succession plan

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Berkshire Hathaway's annual meeting came with unexpected news: the next CEO of the company.

CEO Warren Buffett confirmed Greg Abel, vice chairperson of the company who leads its noninsurance operations, would succeed him.

Ajit Jain, who runs Berkshire's insurance operations, is second in line, Buffett said.

Read more from CNBC.

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