New Delhi, May 4 -- In a surprise on May 3, Warren Buffett, 94, announced his retirement, and renamed Greg Abel as his likely succesor. "I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end," he said.

Speaking during the company's annual shareholder meeting on Saturday, the billionaire investor said that only the board and his two children (Howard and Susie Buffett) knew about the announcement - even designated successor Greg Abel, 62, was unaware the announcement was coming.

Notably, in what was among the greatest wealth transfers in modern history, Warren Buffett's three children - Susie (71), Howard (70), and Peter (66) - were given $140 billion of his Berkshire stocks.

The sta...