Warren Buffett plans to step down as Berkshire CEO, requesting the board to appoint Greg Abel as his successor, marking the end of an era.

Warren Buffett's iconic tenure as CEO of Berkshire Hathaway is coming to a close. The 94-year-old billionaire announced at the company's annual meeting on Saturday that he plans to step down as CEO at the end of the year, with Greg Abel set to take the reins. Abel, 62, is currently the vice chairman of non-insurance operations for Berkshire. Buffett's decision to step down was met with surprise by the thousands of shareholders in attendance, but it was not entirely unexpected given Abel's designation as CEO successor in 2021. Nonetheless, the news marked the end of an era for Berkshire, which Buffett has led since 1965 when he purchased the struggling New England textile mill. Under Buffett's guidance, Berkshire has evolved into a one-of-a-kind conglomerate with a diverse range of businesses, including Geico insurance, BNSF Railway, and several others. The company's shares have reached a new peak, giving Berkshire a market cap of nearly $1.2 trillion. Buffett's widely followed investment philosophy and track record have made him a revered figure in the business world, earning him the nickname "The Oracle of Omaha." Although Buffett will no longer be at the helm, he will remain involved with the company, albeit in a more limited capacity. He assured shareholders that he would "hang around" to offer guidance and support, but ultimately, the final word on company operations and capital deployment would rest with Abel. The board of directors is expected to formally approve Abel's appointment at a meeting scheduled for Sunday.