Warren Buffett, the legendary investor known as the "Oracle of Omaha," has announced that he will soon step down as CEO of Berkshire Hathaway, with Greg Abel set to succeed him at the end of the year. This announcement was made during Berkshire's annual meeting in Omaha, surprising the thousands of shareholders in attendance. Although Buffett had previously designated Abel as his successor in 2021, the timing of the transition caught many off guard. Buffett, who is 94 years old, revealed that he would propose Abel as the new CEO at a board meeting scheduled for the following day. He noted that while two of the directors, his children Howie and Susie, were aware of his intentions, the rest of the board would be hearing it for the first time. Buffett expressed his belief that the time had come for Abel to take over leadership of the company, which Buffett transformed from a struggling textile mill into a massive conglomerate over the past six decades. Under Buffett's leadership, Berkshire Hathaway has grown into a diverse group of businesses, including Geico insurance and BNSF Railway. The company recently achieved a market capitalization of nearly $1.2 trillion, marking a high point as Buffett prepares to hand over the reins. Despite stepping down from the CEO role, Buffett assured shareholders that he would remain involved as needed, particularly during periods of significant opportunities. Buffett, who remains the largest shareholder with over $160 billion in Berkshire stock, emphasized that he would not sell any shares after the transition. He expressed confidence in Abel's ability to lead the company, suggesting that Berkshire's prospects might be even better under Abel's management. During the meeting, Buffett praised Abel's hands-on management style, which he said suits the company's more than 60 subsidiaries well. Greg Abel, a Canadian executive from Edmonton, Alberta, has been with Berkshire for 25 years. He joined