Berkshire Hathaway said Thursday it has resumed repurchasing its own shares for the first time since 2024 and separately new CEO Greg Abel bought $15 million worth of stock himself, an amount equal to his after-tax annual salary.

Abel told CNBC he will continue using his full salary amount to purchase Berkshire shares every year.

The Omaha, Nebraska-based conglomerate disclosed in a regulatory filing that it began buying back its Class A and Class B shares on Wednesday. Berkshire’s stated policy allows the company to repurchase stock whenever the chief executive — after consultation with the chairman of the board, Warren Buffett —believes that the repurchase price is below Berkshire’s intrinsic value, according to its annual report released over the weekend.

“I absolutely talked to Warren,” Abel told CNBC’s “Squawk Box” on Thursday. “So how I approached it was, obviously looking at the value, having a view of intrinsic value [and then] consulted with Warren relative to the value and the timing.”

Abel said normally the company wouldn’t disclose the start of the repurchases. “We felt it was important to communicate to our shareholders, our partners, our owners, with the transition of leadership,” he said.

Abel, 62, took over for Buffett, 95, at the start of January. Shares of Berkshire have fallen 3% this year and 10% from their record high last May. The stock came under pressure earlier this week after the firm reported a near 30% decline in its operating earnings for the fourth quarter, due in large part to weakness in the insurance business.

The last time Berkshire repurchased shares was the second quarter of 2024 and some investors since then have been clamoring for the company to deploy its $373.3 billion cash hoard in some way.

Berkshire B shares added 1% in early trading Thursday following the news.

Buffett owns about 37.5% of Berkshire’s Class A shares and has no intention of selling his stake aside from his charitable giving. He has previously said the conglomerate represents roughly 99.5% of his net worth.

“Absolute alignment with our shareholders, our partners, our owners, is critical,” Abel told CNBC. “I already have some shares, but the goal was to continue to demonstrate alignment with them. … As the CEO, I absolutely, obviously, believe in Berkshire, with the transition from Warren, and I inherited a company that has an incredible foundation.”

Before the latest purchase, Abel, a longtime Berkshire executive who previously oversaw the company’s noninsurance operations, owned $164.4 million worth of Berkshire stock, according to FactSet.

The CEO said he was committed to doing this every year with his after-tax salary for as long as he is leading Berkshire, which Abel said he hopes is “20 years.”

Abel has emphasized continuity with Buffett’s investment philosophy since taking the helm. He used his first annual shareholder letter over the weekend to reassure investors that the conglomerate’s culture of financial conservatism and disciplined investing will continue “into perpetuity.”

While some investors were heartened to know Abel will continue to run the company using Buffett’s principles, some were disappointed there were not more bold moves made out of the gates by him. Wednesday’s announcements may assuage those investors.

CNBC’s Becky Quick asked Abel what Buffett and the board had to say about his salary reinvestment plan.

“Both were obviously very supportive,” said Abel.

According to the CEO, they said “This is so Berkshire.”