Buffett to retire at year end, Vice Chairman Abel to succeed him

BRINGS CURTAIN DOWN ON 60 YEAR RUN LEADING BERKSHIRE HATHAWAY

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OMAHA: Billionaire Warren Buffett shocked an arena full of shareholders Saturday by announcing that he will retire at the end of the year, bringing the curtain down on a six-decade run leading Berkshire Hathaway that made him the most influential investor in the world.

Buffett said he will recommend to Berkshire Hathaway's board on Sunday that Vice Chairman Greg Abel should replace him. "I think the time has arrived where Greg should become the chief executive officer of the company at year end," Buffett said.

Abel has been Buffett's designated successor for years, and he already manages all of Berkshire's noninsurance businesses. But it was always assumed that he would not take over until after Buffett's death. Previously the 94-year-old Buffett always said he had no plans to retire.

Buffett announced the news at the end of a five-hour question and answer period without taking any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.

Abel returned an hour later without Buffett to conduct the company's formal business meeting, and he responded to the news.

"I just want to say I couldn't be more humbled and honored to be part of Berkshire as we go forward," Abel said.