Berkshire Hathaway stock fell sharply early Monday on news that CEO Warren Buffett will be stepping down at year-end after 60 years of leading the company. Berkshire’s Class A shares were down 4.4% to $773,

Berkshire Hathaway (BRK-A, BRK-B) stock fell as much as 5% on Monday before paring losses as the conglomerate's board said it had unanimously approved longtime CEO Warren Buffett's appointment of vice chair Greg Abel as his successor,

There may never have been a smoother transition from an iconic CEO to a successor. Warren Buffett and Berkshire Hathaway ( BRK.A -0.46%) ( BRK.B 0.06%) let markets know several years ago that Greg Abel would be Buffett's eventual replacement. Abel is currently vice chairman of Berkshire's non-insurance businesses.