Buffett to Step Down Following Six-Decade Run Atop Berkshire (2)

Warren Buffett, who built Berkshire Hathaway Inc. into a business valued at more than $1.16 trillion and himself into a celebrity billionaire renowned for his investing acumen and witticisms, will step down at year-end after six decades atop the conglomerate.

Greg Abel, the vice chairman for non-insurance operations, will take charge of the conglomerate upon board approval, Buffett, 94, said Saturday at the company’s annual shareholder meeting in Omaha, Nebraska. He said the board plans to meet on Sunday.

The announcement stunned the board and even Abel, who, while long signaled as Buffett’s successor, was unaware that the ...