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Billionaire Warren Buffett, the CEO and chairman of Berkshire Hathaway, announced his plan to step down and nodded to his potential successor, Greg Abel.

“The time has arrived where Greg should become the chief executive officer of the company at year end and I want to spring that on the directors and get that recommendation,” Buffett, 94, said at the very end of a historic 60th annual shareholder meeting in Omaha, Nebraska, the Financial Times reported.

This is a developing story and will be updated with additional information.

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