Ron Olson told a group of investors gathered ahead of Saturday’s annual meeting that after spending a lot of time with both legendary investors, he doesn’t think a transition to Greg Abel as CEO is imminent.

Billionaire investor Warren Buffett’s Berkshire Hathaway hosted its annual shareholder meeting on Saturday. During the shareholder meeting, Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answered five hours of questions. Vice Chairman Greg Abel, 60, who would become CEO if Buffett were no longer in charge, and Vice Chairman Ajit Jain, 71, also took some questions. Earlier, Warren Buffett’s company said its first-quarter profits soared along with the paper value of its investment portfolio. Catch LIVE updates on Berkshire Hathaway annual shareholders meeting here:

The London-based firm has repaid three facilities, which were taken from Standard Chartered Bank in London and Hong Kong, the company said in an exchange filing.

The World Bank will announce on Monday a new methodology for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel the "Doing Business" rankings two years ago.