Warren Buffett, the world's most famous investor, said he planned to step down from running the vast conglomerate Berkshire Hathaway, the financial giant he built over the past six decades.
The 94-year-old, known as the "Oracle of Omaha," said he would nominate Greg Abel to take over leadership of Berkshire at the end of this year.
"The time has come when Greg should become CEO of the company at the end of the year and I want to give this position to the directors and get that recommendation," he said.
Abel, 62, whom Buffett had previously named as his potential successor, is vice chairman of Berkshire's non-insurance operations.
Buffett said he had not notified other Abel or Berkshire directors in advance, making the announcement at the end of a historic 60th annual shareholder meeting in Omaha, Nebraska.
Berkshire is one of the world's largest conglomerates, managing a portfolio of nearly 200 businesses. Buffett took over the company in 1965 when it was a mid-sized textile manufacturer. Buffett plans to call a meeting Sunday with Berkshire's board of directors to answer questions about his decision.
The crowd of tens of thousands of shareholders who had come to Omaha for the event erupted in applause after the announcement.
Even though he is among the nation's richest individuals with a net worth of about $168 billion, according to Forbes, Buffett has maintained a popular air, drawing shareholders to Omaha each year for a holiday weekend. He still takes home just a nominal $100,000 salary, as he has for more than 40 years. (A2 Televizion)
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