Warren Buffett Announces Intention to Retire by End of 2025

‘I think the time has arrived where Greg [Abel] should become the chief executive officer of the company at year end,’ Buffett said.

Warren Buffet participates in a discussion during the White House Summit on the United State Of Women in Washington, on June 14, 2016. Alex Wong/Getty Images

Investor and billionaire Warren Buffett told an arena full of shareholders on May 3 that he will retire by the end of the year, capping off roughly six decades of running his Berkshire Hathaway firm that made him a world-famous investor.

Buffett said he will recommend his firm’s vice chairman, Greg Abel, to replace him in discussions with Berkshire Hathaway’s board on Sunday.