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 2025.

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

Buffett said that he will propose to the board of Berkshire Hathaway that Greg Abel should take over as CEO by the end of 2025.

"I think the time has arrived where Greg should become the chief executive officer of the company at year end and I want to spring that on the directors eventually and give that as my recommendation," Buffett said at the company's 2025 investor conference on Saturday, without explaining the reason behind his r...