Warren Buffett Announces Retirement, Greg Abel to Succeed

Warren Buffett will retire at the end of the year, ending his six-decade reign as head of Berkshire Hathaway. He recommends Greg Abel as his successor. Abel has been managing Berkshire's noninsurance businesses but will now oversee the company's insurance operations and investments.

In a surprising move, billionaire Warren Buffett announced his retirement from Berkshire Hathaway at the end of the year, bringing an illustrious six-decade tenure to a close. Speaking to an arena filled with shareholders, Buffett lauded Berkshire Vice Chairman Greg Abel as his recommended successor.

Abel, who has long been groomed for the role, manages all noninsurance operations at the company. However, he will now be responsible for investments and insurance, tasks previously overseen by the 94-year-old Buffett. The announcement capped a nearly five-hour-long Q&A, catching even close associates like Abel by surprise.

Despite concerns about transitioning leadership, Buffett's endorsement of Abel remains strong. Buffett stated he would retain his shares in the company, expressing confidence that Berkshire's prospects would improve under Abel's leadership. Buffett's departure marks the end of an era, highlighted by Berkshire's consistent market performance and his status as an investing icon.

(With inputs from agencies.)