Warren Buffett, 94, will step down as Berkshire Hathaway CEO at the year's end, handing the reins to Vice-Chairman Greg Abel. Buffett, known as the "Oracle of Omaha," built Berkshire Hathaway into a $1.16 trillion investment powerhouse. He announced his retirement at the company's annual meeting, surprising even Abel. Buffett stated he plans to donate his Berkshire Hathaway shares rather than sell them. Tributes poured in from fellow business leaders, praising Buffett's legacy and expressing confidence in Abel's leadership.

Prepared by Christopher Adams and reviewed by editorial team.