OMAHA, Neb. (AP) — by Warren Buffett His successor issued his first letter to Berkshire Hathaway shareholders on Saturday as the company slashed the value of its holdings in Kraft Heinz and Occidental Petroleum by $4.5 billion.

Greg Abel he took over as CEO in January, so this is his chance to set the tone for his leadership. Investors are watching closely for any changes he may make, but Abel and Buffett have said there will be no significant changes to the way Berkshire operates.

The letter opens with a tribute to Buffett and a promise to maintain Berkshire’s culture and continue to operate in the same way it has operated so well for six decades.

And Buffett he is still president and the largest shareholder, so he still helps guide the Omaha, Nebraska-based conglomerate he built. But Abel is now writing the annual letters that have always been known as one of the most widely read business reports because many investors admired and followed Buffett because of his remarkable track record and homegrown wit and advice. Abel will also be the only one answering questions at the May shareholder meeting while Buffett looks on from the floor with the rest of the board.

The only initial changes so far are some administrative moves Abel made when he took over, and a presentation in January suggests that Berkshire is considering selling some or all of its 325 million shares of Kraft Heinz. But Buffett may have supported the move because he had made comments about how Berkshire overpaid when he helped Heinz merge with Kraft, and he had criticized the packaged-food giant’s plan to split into two companies. Many investors have tried to copy the moves Buffett made at Berkshire’s massive stock portfolio.

But Berkshire is driven by the dozens of companies it owns, including major insurers like Geico, the BNSF railroad, several major utilities and an assortment of manufacturing and retail companies. Berkshire has well-known brands like Dairy Queen and See’s Candy along with some of the companies that supply what other industries need like Precision Castparts, Lubrizol and Iscar Metalworking.

Abel already knows many of Berkshire’s businesses well because he has run all of the non-insurance companies since 2018, and executives who report to him have praised his vision for their various businesses.