Billionaire shocked audience of investors with disclosure and said his vice-chair, Greg Abel, should take over

Warren Buffett, the billionaire investor and philanthropist, has announced his intention to retire at the end of this year. He is 94 years old.

Buffett, the fifth-richest person in the world, shocked an arena full of shareholders on Saturday when he announced that he would step down as the CEO and chair of the trillion-dollar conglomerate Berkshire Hathaway at the end of 2025. He will recommend to the 11-person board that his vice-chair, Greg Abel, who currently oversees most of the company’s investments, be named as his successor, Buffett said.