Warren Buffett the colossus of capitalism says he plans to step down as head of Berkshire

Warren E. Buffett who has been at the forefront of American capitalism for decades and building Berkshire Hathaway into a $1.1 trillion conglomerate will step down at the end of the year.

Mr. Buffett said at the company’s annual shareholder meeting on Saturday that he plans to ask Berkshire’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.

“I would still hang around and conceivably be useful in a few cases,” Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha, the company’s headquarters. But Mr. Abel would have “the final word” when it comes to the company’s operations, how it invests and more.

Read also: Greg Abel named successor to Warren Buffett at Berkshire Hathaway

Buffett’s plan — which he said had been known only to two of his children who sit on the company’s board, Howard and Susan Buffett — was greeted by a minute-long standing ovation by Berkshire shareholders.
If the board approves the plan, it would mark the end of an era for one of the most successful companies in modern capitalist history, and one of its most famous investors. Mr. Buffett has amassed what Forbes estimates is a $168 billion fortune by being a savvy stock picker, buying up huge companies and assembling a conglomerate that runs a huge insurance operation, a major railroad, dozens of consumer companies and oversees a vast stock portfolio.

It has made Mr. Buffett one of the most influential businessmen in the world, giving his pronouncements on many topics, including politics, great weight. That included his criticism of President Trump’s trade policies as a mistake: “Trade should not be a weapon,” Mr. Buffett said. “I don’t think it’s right and I don’t think it’s wise.”