Warren Buffett, 94, stepping down as Berkshire Hathaway CEO

The veteran investor known as the Sage of Omaha told his company's annual meeting that he would hand over the reins to Vice-Chairman Greg Abel.

Watch LiveBritish Broadcasting CorporationHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcastsRadioAudio FAQsVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveWeatherNewslettersWatch LiveWarren Buffett, 94, stepping down as Berkshire Hathaway CEO16 hours agoShareSaveMax MatzaBBC NewsShareSaveGetty ImagesWarren 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.

"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.

After standing applause from the audience of around 40,000, he joked: "The enthusiasm shown by that response could be interpreted in two ways."