Influential billionaire and investor Warren Buffett has announced that he will retire from the management of the Berkshire Hathaway business group by the end of the year and that he will recommend his chosen successor, Greg Abel, to take over the position.
Buffett's success, combined with his ability to explain his thinking in clear and concise statements, has made him extremely influential in business and financial circles, earning him the nickname "The Oracle of Omaha."
A few years ago, Buffett had already indicated in an interview with CNBC that 62-year-old Abel would be his choice as successor.
"The time has come for Greg to become CEO of the company at the end of the year," the 94-year-old Buffett said at the annual shareholders' meeting in Omaha.
Buffett expressed confidence that the board of directors would be "unanimously supportive" of his recommendation.
"I'll still be around and probably useful in some cases, but the final say will be Greg's in terms of operations, capital allocation and everything else," he added.
Buffett turned Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate that is now valued at over $1 trillion and has $300 billion in liquid assets.
The company reported first-quarter profit of $9.6 billion, down 14%. That equates to $4.47 per share, which is also a significant decline.
According to Forbes magazine's real-time ranking, Buffett's net worth as of Saturday was $168.2 billion. | BGNES, AFP