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Warren Buffett has announced he will retire as chief executive of Berkshire Hathaway at the end of the year.

"I think the time has arrived where Greg should become the chief executive of the company at year end," said Buffett, 94.

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.