(Radio Iowa) – An Iowan will become chief executive of the world’s 8th most valuable company. Berkshire Hathaway C-E-O Warren Buffett, who is 94 years old, made the announcement at a shareholders meeting in Omaha this past weekend that was broadcast live on C-N-B-C.

Greg Abel is a long-time executive at Des Moines-based MidAmerican Energy, which Buffett’s company acquired 25 years ago. Abel currently oversees all of Berkshire’s non-insurance companies. In 2021, Buffett announced Abel would be his successor, but Buffett revealed the date for the transition Saturday.

Buffett says Berkshire Hathaway’s 11 member board of directors will meet in a couple of months and he predicts they will unanimously approve Abel’s new role as the company’s chief decision-maker.

Buffett spent very little time at Berkshire Hathaway’s headquarters in Omaha and Abel, who is 62, is expected to continue living in Des Moines. He will oversee Berkshire’s massive stock portfolio, which includes companies like B-S-N-F Railroad, GEICO and Pilot Flying J Travel Centers. Abel was born in Alberta, Canada. Abel won the Horatio Alger Award in 2018 and, in comments posted on the organization’s website, Abel called Buffett a mentor who has a positive view on life and focuses on sharing and teaching.