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Warren Buffett has announced he will retire as chief executive of Berkshire Hathaway at the end of the year. The veteran investor, known as the Oracle of Omaha, told his company's annual meeting he would hand over the reins to Vice-Chairman Greg Abel. "I think the time has arrived where Greg should become the chief executive of the company at year end," said Mr Buffett, 94. Mr Buffett, who built Berkshire Hathaway from a failing textile maker into an investment juggernaut worth $1.16tn (£870bn), is arguably the world's most successful investor. After standing applause from the audience of around 40,000, he joked: "The enthusiasm shown by that response could be interpreted in two ways." The billionaire told Saturday's company meeting in Omaha, Nebraska, that the only people who had known about his decision were his two children, Howard and Susie Buffett. Mr Abel, sitting next to Mr Buffett on stage, was apparently caught unaware by the announcement. Mr Buffett handpicked Mr Abel as his successor four years ago but gave no indication at the time that he would retire.