Warren Buffett, 94, stepping down as Berkshire Hathaway CEO

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 has built Berkshire Hathaway from a failing textile maker into a investment juggernaut.

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