Warren Buffett to Step Down as CEO

Warren Buffett, the 94-year-old investment titan known as the 'Oracle of Omaha', has announced his impending retirement as CEO of Berkshire Hathaway. The revelation came during the company's annual meeting, where Buffett stated he would relinquish his position at the year's end, marking the conclusion of an extraordinary era in corporate America.

Greg Abel, the current Vice-Chairman, has been designated as Buffett's successor. This transition was set in motion four years ago when Buffett handpicked Abel, though the timing of the changeover remained undisclosed until now. Despite his retirement, Buffett emphatically stated his intention to retain his Berkshire Hathaway shareholdings.

Under Buffett's stewardship, Berkshire Hathaway has metamorphosed from a struggling textile manufacturer into a colossal investment conglomerate valued at $1.16 trillion. The company's portfolio encompasses over 60 businesses, including household names like Geico and Duracell, alongside substantial stakes in blue-chip corporations such as Apple and Coca-Cola.

Buffett's announcement elicited widespread reaction, with Apple CEO Tim Cook among the business leaders lauding his legacy. As Buffett prepares to step down, his impact on the investment world and corporate governance remains indelible, cementing his status as one of the most influential business figures of the modern era.