**Warren Buffett Announces Retirement as CEO of Berkshire Hathaway**

Buffett's decision marks a significant transition for the investment powerhouse he built over decades.

Warren Buffett, the 94-year-old chairman and chief executive of Berkshire Hathaway, has declared his intention to retire at the end of this year, positioning Vice-Chairman Greg Abel as his successor. During his address at the company's annual meeting, Buffett candidly remarked, “I think the time has arrived where Greg should become the chief executive of the company at year end." The audience, comprising approximately 40,000 attendees, responded with a standing ovation, to which Buffett humorously noted, "The enthusiasm shown by that response could be interpreted in two ways."

Buffett, widely known as the Oracle of Omaha for his exceptional investment acumen, transformed Berkshire Hathaway from a struggling textile manufacturer into a robust conglomerate valued at $1.16 trillion (£870 billion). His decision to step back follows years of speculation about his eventual retirement, a choice he entrusted only to his two children, Howard and Susie.

Mr. Abel, who was seated alongside Buffett, appeared surprised by the announcement. Although Buffett selected Abel as his successor four years prior, he had not signaled any plans to retire until now. Emphasizing his enduring commitment, Buffett confirmed he does not plan to sell any of his Berkshire stocks, declaring, "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away."

Industry leaders, including Apple’s CEO Tim Cook, have lauded Buffett's contributions to the business world. Cook shared on social media, “There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom.” He expressed confidence in Abel’s capabilities to lead Berkshire forward.

Buffett's legacy is not only defined by his investment prowess but also his philanthropic endeavors, having donated billions to charity. He is currently ranked as the world’s fourth-wealthiest individual, with an estimated net worth of $154 billion.

Despite his immense wealth, Buffett has maintained a modest lifestyle, residing in the same Omaha house for over six decades. His retirement announcement coincided with comments reflecting on the current geopolitical climate, urging against the use of trade as a political weapon.