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 has built Berkshire Hathaway from a failing textile maker into an investment juggernaut with a market capitalization of $1.16tn (£870bn), is arguably the world’s most successful investor.
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 (£116bn)
