Warren Buffett said on Saturday that he plans to step down by the end of this year as CEO of Berkshire Hathaway.&nbsp;

The billionaire investor named Greg Abel, who is chairman, as his replacement.&nbsp;

Buffett, 94, said he would "hang around" the company, according to CNBC.&nbsp;

<div><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/343/192/warren-buffett-2.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/686/384/warren-buffett-2.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/672/378/warren-buffett-2.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/1344/756/warren-buffett-2.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/931/523/warren-buffett-2.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/1862/1046/warren-buffett-2.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/720/405/warren-buffett-2.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/1440/810/warren-buffett-2.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/05/931/523/warren-buffett-2.jpg?ve=1&amp;tl=1" alt="Warren Buffett" width="100%" height="auto"></picture></div> <div><p><span>Berkshire Hathaway CEO Warren Buffett</span><span> (Daniel Zuchnik/WireImage / Getty Images)</span></p></div>

"I would add this, the decision to keep every share is an economic decision because i think the prospects of Berkshire will be better under Greg’s management than mine," he added.&nbsp;

<i>This is a developing story. Please check back for updates. Reuters contributed to this report.&nbsp;</i>

Warren Buffett said on Saturday that he plans to step down by the end of this year as CEO of Berkshire Hathaway.{ai:summary}<p>Warren Buffett announced he will step down as CEO of Berkshire Hathaway by year-end, naming Greg Abel as his successor. At 94, Buffett believes the company's prospects will improve under Abel's leadership, although he plans to remain involved. </p><p>#economy</p>

Warren Buffett to step down as CEO of Berkshire Hathaway by end of the year

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