Hyderabad, Jan. 1 -- After nearly six decades at the helm of Berkshire Hathaway, American investor and philanthropist Warren Buffett has stepped down as its Chief Executive Officer (CEO), handing over charge to his successor and trusted lieutenant, Greg Abel.

Previously, the 95-year-old had always maintained he had no plans to retire. His decision in May last year came as a surprise to Abel. According to the Associated Press, Warren's children, Howard and Susie Buffett, who also serve as board members, knew of his decision.

The czar of investments

Often credited with his sorcery to generate wealth from the stock market, Buffett bought Berkshire Hathaway in 1962 and transformed the once-struggling textile firm into a massive USD 300 bil...