Warren Buffett confirms retirement from Berkshire Hathaway

Buffett also told the company that he would be handing the firm over to vice-chairman Greg Abel. He said: "I think the time has arrived where Greg should become the chief executive of the company at year end." Abel is currently chair of Berkshire's non-insurance operations and has previously been touted by Buffet as his successor.  According to Buffett, he gave neither Abel nor any other director notice of this announcement. Buffett, with over six decades in the industry, took over Berkshire in 1965 when it was a textile maker. Now, it manages a portfolio of nearly 200 busi...