India, May 5 -- Legendary investor Warren Buffett, 94, officially stepped down as CEO of Berkshire Hathaway after more than six decades at the helm of the conglomerate.

The announcement was made during the company's annual shareholder meeting on May 3, with Vice Chairman Greg Abel named as his successor. The transition is said to take effect at the end of the year.

He added that while he would "hang around and conceivably be useful in a few cases," the "final word" on company decisions would rest with Abel.

Buffett, an American business icon known for his sharp investment acumen and decades of strong returns, earned the title "Oracle of Omaha"-a nod to his hometown in Nebraska and his legendary foresight in the financial world.

"I cou...