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.

He said he would encourage board members to solidify his replacement on Sunday after previously suggesting Abel would be named his successor in 2021.

“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give........

© The Hill