Berkshire investors served Buffett surprise

Warren Buffett's exit as CEO of Berkshire Hathaway was telegraphed for years, but investors are still in mourning after it became official.

• The stock declined 5.1% today — despite the fact that Buffett will remain as chairman.

Catch up quick: The Oracle of Omaha told investors Saturday at the investment company's annual meeting that he would ask the board to name longtime deputy Greg Abel as its next CEO at the end of the year.

• The board quickly obliged, voting unanimously on Sunday to authorize the transition, the company announced today.

The bottom line: Though everyone knew Abel would soon took the reins — Buffett is 94 years old, after all — reality apparently hit Berkshire investors hard.