India, May 4 -- Warren Buffett on Saturday stunned his stockholders by declaring his intention to retire from the position Berkshire Hathaway CEO at the end of the 2024.

Buffett said that he will propose to the board of Berkshire Hathaway that Greg Abel should take over as CEO.

He will stepped down from the role after 55 years, ending his tenure as the longest-serving chief executive of an S&P 500 company.

"I think the time has arrived where Greg should become the Chief Executive office of the company at year end," Buffett said.

Published by HT Digital Content Services with permission from Hindustan Times....