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| Warren Buffett, 94, stepping down as Berkshire Hathaway CEO | |
| (32 minutes later) | |
| Warren Buffett has announced he will retire as chief executive of Berkshire Hathaway at the end of the year. | |
| The veteran investor, known as the Oracle of Omaha, told his company's annual meeting he would hand over the reins to Vice-Chairman Greg Abel. | The veteran investor, known as the Oracle of Omaha, told his company's annual meeting he would hand over the reins to Vice-Chairman Greg Abel. |
| "I think the time has arrived where Greg should become the chief executive of the company at year end," said Buffett, 94. | |
| Mr Buffett, who built Berkshire Hathaway from a failing textile maker into an investment juggernaut worth $1.16tn (£870bn), is arguably the world's most successful investor. | |
| The billionaire told Saturday's company meeting in Omaha, Nebraska, that the only people who had known about his decision were his two children, Howard and Susie Buffett. | |
| Mr Abel, sitting next to Mr Buffett on stage, was apparently caught unaware by the announcement. | |
| Mr Buffett handpicked Mr Abel as his successor four years ago but gave no indication at the time that he would retire. | |
| Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen. | |
| It also has major stakes in Apple, Coca Cola, Bank of America and American Express, among others. | |
| Mr Buffett, who has given away billions to charity, was last month ranked by Bloomberg as the world's fourth-wealthiest person, with a net worth of $154bn. | |
| He earned his first money as a six-year-old, bought his first shares at 11 and filed his first tax return at 13. | |
| Despite being one of the richest people in the world, Mr Buffett has lived in the same modest house in Omaha for more than 65 years. |