Warren 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.
The billionaire told Saturday’s company meeting in Omaha, Nebraska, that the only people who had known about his decision were his two children, Howard and Susie Buffett.
Mr Abel, sitting next to Mr Buffett on stage, was apparently caught unaware by the announcement.
Mr Buffett handpicked Mr Abel as his successor four years ago but gave no indication at the time that he would retire.
Berkshire Hathaway owns more than 60 companies, including insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen.
It also has major stakes in Apple, Coca Cola, Bank of America and American Express, among others.
Mr Buffett, who has given away billions to charity, was last month ranked by Bloomberg as the world’s fourth-wealthiest person, with a net worth of $154bn.
He earned his first money as a six-year-old, bought his first shares at 11 and filed his first tax return at 13.
Despite being one of the richest people in the world, Mr Buffett has lived in the same modest house in Omaha for more than 65 years.
