India, May 4 -- Warren Buffett announced his departure from Berkshire Hathaway, declaring that he intends to step down as CEO at the end of 2025. The announcement shocked shareholders during the annual meeting after the 94-year-old served as the company's CEO for 55 years, becoming the longest-serving chief executive of an S&P 500 company.

As Buffett signaled the end of an era, he took a humorous approach to his announcement. When he declared that he would ask the Berkshire Hathaway board to appoint Greg Abel as his successor, the crowd gave a standing ovation amid cheers and applause.

Buffett jokingly said, "The enthusiasm shown by that response can be interpreted two ways. But I will take it as good," prompting more laughs and cheers ...