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Warren Buffett, the world’s most famous investor, said he planned to step down from the helm of his sprawling conglomerate Berkshire Hathaway, a financial juggernaut that he has built up over the past six decades.

The 94-year-old — widely known as the “Oracle of Omaha” — said that he would propose Greg Abel should take over as Berkshire’s chief executive officer at the end of this year.

“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,” he said.

Abel, whom Buffett had previously named as his eventual successor, is vice-chair of Berkshire’s non-insurance operations.

This is a developing story . . .