Buffett announces intention to retire by end of year, warns against using trade as ‘a weapon’

Billionaire investor Warren Buffett told shareholders Saturday he intends to retire from his role as CEO of Berkshire Hathaway, an American multinational holding company.

Buffett, 94, recommended that Canadian businessman and vice chairman Greg Abel succeed him after a 55-year run at the helm of the conglomerate.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said to a packed arena in Omaha, Neb., where the corporation is headquartered.