Warren Buffett, 94, To Step Down At Berkshire Hathaway

Renowned American investor and philanthropist Warren Buffett will retire as the chief executive of Berkshire Hathaway by the end of the year.

The long-time investor, famously known as the Oracle of Omaha, revealed during his companys annual gathering that he would pass the leadership to Vice-Chairman Greg Abel.

Mr. Buffett, who transformed Berkshire Hathaway from a struggling textile company into a thriving investment giant valued at 1.16 trillion, is the most successful investor globally.

Following a standing ovation from an audience of approximately 40,000, he humorously remarked, The level of enthusiasm displayed in that reaction could be seen in two ways.

During Saturdays meeting in Omaha, Nebraska, Mr. Buffett said that only his two children, Howard and Susie Buffett, were aware of his decision before the announcement. Mr. Abel, seated beside Mr. Buffett on stage, appeared surprised by the news.