Warren Buffett's successor released his first letter to Berkshire Hathaway shareholders on Saturday, as the company recorded a $4.5 billion write-down on its stakes in Kraft Heinz and Occidental Petroleum.

Greg Abel, who assumed the role of CEO in January, used the opportunity to outline his leadership approach. Investors are closely monitoring any potential changes he might introduce, though both Abel and Buffett have indicated that Berkshire's operational strategy will remain largely unchanged.

The letter began by paying tribute to Buffett and pledged to uphold Berkshire's culture of trust and integrity, continuing to operate in the manner that has proven effective for six decades.

In explaining his background and management philosophy, Abel stated, "I am deeply honored that the Board has selected me to serve as CEO of Berkshire. As I write this first annual letter to you, stepping into Warren’s shoes is both humbling and daunting. Clearly, Warren is an impossible act to follow."

Buffett remains Chairman and the largest shareholder, meaning he continues to help guide the Omaha, Nebraska-based conglomerate—a company he built from the ground up. However, it is now Abel who authors the annual letter, a document long regarded as one of the most widely read business communications globally, owing to the countless investors who admire and follow Buffett for his exceptional track record, straightforward wisdom, and guidance.